Dogecoin Price Follows Bitcoin Sentiment but Trades Below $0.0030

eToro

After having traded amongst the top 30 cryptos of the market, Dogecoin has currently shifted to 45th position in the global crypto market. Although, Dogecoin trades below YTD high at $0.00296 after a clear rejection in the higher price range but a consolidation below $0.0030 on the daily chart. DOGE price draws an uptrend from the lowest of $0.00239 to the current trading price, yet the coin is failing to rise above $0.0030.

Dogecoin Breaches the Flat Trend

Although Dogecoin has shifted to a position below 40 in the global crypto market, it is still drawing an uptrend against the greenback with the extended 3-week uptrend.

eToro Crypto

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

Dogecoin, at the time of penning down, was trading below $0.0030 at $0.00296, but the positive sentiment prevails due to an extended uptrend starting from the start of the ongoing month. Moreover, Dogecoin is believed to have a concurrent momentum with that of Bitcoin, and just when the largest cryptocurrency of the global market is seen reclaiming three years high and is close to reclaiming the ATH, the related altcoins are leaving no stone unturned.

Dogecoin price is retaining support from 50-day and 200-day daily MA at $0.0026 and $0.0028, respectively, after the coin has clearly shown positive price actions. The MACD chart also draws a bullish divergence, and therefore, the MACD line crosses above the signal line. The RSI of DOGE is also reflecting a spike in demand due to recent positive price action, and the signal lies at 69.79.

Although the Bollinger Bands appear moderately squeezing, DOGE/USD price trend is hitting the upper 20-day Bollinger Band.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button