Price Analysis

Will Short-term Turbulence Deteriorate Dogecoin’s Month-long Recovery?

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  • Almost a month-long recovery of Dogecoin has been halted; the coin is on the verge of a breakout
  • The 1-week chart of DOGE/USD shows a couple of ups and downs; currently testing resistance at $0.0019
  • Investors may find this scenario confusing as the coin holds a bearish picture regarding its technical indicators

Dogecoin finds itself in the middle of chaos as the market is witnessing frequent breakouts in its recovery. Amid the struggling global economies, anticipating any long-lasting recovery can be a bit too impractically positive approach.

Over a week, the Bitcoin price has dropped from $7404 to $6700; however, today’s rebound may bring some improvement. On the other hand, Dogecoin also went through downward movements over a week; at this moment, it is trading even below its opening price of the week.

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DOGE/USD Chart By TradingView

The coin had two major plunges near $0.00185 and $0.00186, respectively. After yesterday morning’s price plunge, DOGE price has been rebounding slowly through stable rally above $0.0021 is still yet to take place.

In its 1-week chart, moving averages are in the bearish zone while Dogecoin has just formed a bearish candle below its 200-day EMA. The MACD indicator, too, has entered the negative zone.

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Thankfully, Dogecoin holds a bullish picture in its 1-month price chart. The gradual price escalation is facing barriers since the last few days. The current stand of the coin puts it on an ambiguous zone as the coin can opt for any type of breakout from here; this keeps the coin vulnerable to a downtrend while chances of an uptrend cannot be denied too. Dogecoin value is still above the 38.20% Fib level with a stable bias.

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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