Price Analysis

Market Choses Stability Over Bull-run; Dogecoin Consolidates Accordingly

Dogecoin’s rebound has been fairly impressive after the mid-march market crash, and now, when the market is trading in a flattish pattern, the coin holds a stable sentiment. At present, the coin seems to be settling in its comfort zone around 38.20% to 61.80% fib level.

Bitcoin, which was about to hit the $10k price mark a week ago, has now slipped below $9k and this has invited bearish volatility to the crypto space, investors may have to wait and watch till the market picks up a steady upward pace. A large portion of investors is sticking to the ‘HODL’ position while even the top crypto coins are easily sliding into the selling zone these days.

Dogecoin Price Analysis

Since the last few days, DOGE/USD is ranging around $0.0024 to $0.0026 without showing any major disturbance. The start of this month has brought a bit of sluggishness to the coin.

Dogecoin News
DOGE/USD Chart By TradingView

The multi-month chart of Dogecoin shows a reliable price rebound that started after the catastrophic price drop from $0.0032 to $0.0015.

While this year was supposed to take the market out of the bearish shadows, it is exactly opposite of that what we are witnessing these days. The crypto lovers are hoping to see a healed and positively moving market in Q2.

A partial recovery of the Dogecoin is testing resistance at 61.80%, holding a mild bullish bias. The currency is above the 50-day moving average while the Bollinger bands have widened, noting presence volatility. On the other hand, the currency has just entered the negative area when it comes to the MACD indicator.

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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