Despite a negative market sentiment in cryptocurrencies, Dogecoin has maintained its position in the top ten based on market capitalization. Dogecoin is worth $9,364,162,956 based on its token value and in-circulation supply. This DOGE price marks a significant decline in 2022 and an even stronger negative movement in the last 30 days alone.
DOGE remains the king of meme crypto tokens with substantial gains in 2020 and 2021. So far in 2022, enthusiasts expect a trending price action, but limited buying hinders the further upside movement.
Dogecoin’s humongous market circulation makes it a hard token to control, and facing rejection from similar levels on relevant occasions affirms it as a resistance zone. Hence breaching $0.075 could initiate a fresh round of buying to bring DOGE a decimal place above. Compared to the June 2022 dip, the RSI indicator shows a 3X increase in its market sentiment.
Dogecoin trades in a volatile upper consolidation with a stronger support sentiment attempting to target the 50 EMA curve. Technical seems bullish and could continue its uptrend because of its correlation with Bitcoin price action. However, you must check our DOGE forecast to get a clear picture of the future price trend.
Daily charts show DOGE has displayed restraint in downside movement after failing to overcome the 50 EMA resistance during the last week of June 2022. Despite the lack of buying stamina shown here, the Dogecoin maintained its support, as visible from the lower wicks on its daily candlesticks.
Since there is a consolidation zone with a lower end of support at $0.065 and resistance or upper limit at $0.075, the sentiment is highly dubious. Dogecoin was up by 5% today, but as the day progressed, slight profit booking was visible, ascertaining a restrictive move by buyers. Developing a Pin Bar Candle at this point could bring more consolidation or profit booking, hindering the sentiment developed in the last two weeks.
RSI indicator, in the meantime, shows a consistent gain in buying sentiment that marks 53 on the histograms. Transaction volumes, despite the dip, have mostly remained in the green. The MACD indicator also marks the beginning of a positive swing in the last few days without giving out a bearish crossover signal.
Dogecoin needs to pass through the $0.095 levels to mark a breakout from the negative price action zone since the first huge dip in DOGE prices occurred in the month of May 2022.