Dogecoin Price Movement Thwarted By Sellers, What’s Next On Chart?
26 Agosto 2022 - 1:00AM
NEWSBTC
Dogecoin price has witnessed a steep fall in the past week. It lost
15% of its market value in that given time duration. Over the last
24 hours, DOGE fell by 0.7%. The current price action pointed
towards a range-bound movement. If Dogecoin price continues to
consolidate it might fall below its closest line of support. If the
bulls attempt to rise the price of the altcoin higher than its
current level then it might trade above its resistance mark. Ever
since broad market weakness stepped in, many altcoins have fallen
on their respective charts. The technical outlook of Dogecoin price
continues to indicate that there are chances of the bulls
overtaking the bears provided buyers cooperate. Bulls will continue
to struggle with overhead resistance from the lack of buyers in the
market. Dogecoin price had bought in 4% rise recently, however, the
bulls could not sustain that. This also pointed toward demand for
the coin at the lower price levels. Dogecoin Price Analysis:
Four-Hour Chart DOGE was trading at $0.068 at the time of writing.
It was recently defeated at the $0.071 price mark as sellers pulled
the price down. This was because of the high demand for DOGE at
lower levels. Overhead resistance for the coin stood at $0.070. If
Dogecoin price trades above that price mark, the next resistance
would be at $0.072. The nearby support level for the meme-coin
awaited at $0.056. A fall in trading volume of the meme-coin
displayed a rise in selling pressure. For the coin to break past
the resistance, buyers have to re-enter the market. Technical
Analysis DOGE has noted a fall in demand and therefore buyers too
have left the market at press time. This could be a momentary
observation as other indicators were starting to turn positive on
the chart. The Relative Strength Index moved south below the
half-line proving that sellers were in charge. On the other hand,
Dogecoin price was above the 20-SMA line, meaning that buyers were
driving the price momentum in the market. If buyers act on the
current price action then a move to the price ceiling will be over
the next trading sessions. Related Reading: Crypto Market Returns
Plunges Into The Negative, Here’s Why The meme-coin portrayed that
it could be a good opportunity for buyers to step in. The Moving
Average Convergence Divergence picture the price momentum and
changes in that. MACD formed green signal bars after a bullish
crossover, this is tied to a buy signal. Chaikin Money Flow depicts
capital inflows and outflows of a coin at a given period of time.
CMF was above the half-line which meant that capital inflows were
positive. There was a small downtick on the indicator despite which
capital inflows exceeded outflows. Related Reading: Ethereum ETH
Back On Track Race, Will ETH Reclaim $2,000 again? Featured image
from Pexels, charts from TradingView.com
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