Dogecoin Retests Support at $0.0022 and Falls Under Selling Pressure

  • Dogecoin (DOGE), at the time of writing this analysis, was trading at $0.00223
  • Just when Bitcoin price rose temporarily above $9,000, DOGE price had also hit a fresh 30-day high at $0.00258
  • DOGE’s current trading price gains support from the 200-day MA as it is retesting support around $0.0022
  • The coin corrects downwards as it loses momentum and support

DOGE is usually attributed to having a concurrent movement with the king of cryptocurrencies—Bitcoin. Having said that, Dogecoin price marked a fresh 30-day high around $0.0025, alongside BTC as it also surged above $9,000 and $9,100 momentarily. However, according to Dogecoin prediction, the current moment of the coin is receding due to a lack of trading momentum in the market and a stable trade withheld.

Dogecoin Price Analysis

Dogecoin News

Analyzing the 25-day movement of Dogecoin against US Dollar on HitBTC, we see that the coin had been giving consistent higher highs until it marked a fresh 30-day high at $0.0025. The coin has rightly hit all the major resistances as it traded above $0.00226 and $0.00249 in the given time frame.

Although, a lack of momentum has again led the DOGE coin to retest support around $0.0022—from where it began. Also, the 20-day Bollinger Bands laid are showing a moderately bearish move in the upcoming days as the price trend hits the lower Bollinger Band. However, the recent rejection of $0.0022 has led the coin to lose imminent support from 10-day and 50-day daily moving average.

The further movement of the coin indicates a short-term bearish crossover as per the current momentum and support.

Technical Indicators

Dogecoin News Price

The technical Indicators laid confirms the intraday price fluctuations as the MACD of Dogecoin is running below zero but holds a bullish crossover as the MACD line cuts the signal line.

Alongside, the RSI of the coin is at 29.52 and is seen trembling below the major support at 30 due to the selling pressure.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button