Dogecoin Price Continues To Consolidate But A Move Above This Level Could Fuel A Rally
19 Outubro 2022 - 7:00PM
NEWSBTC
Dogecoin price has continued to consolidate. However, the coin
showed signs of recovery on its one-day chart. Over the last 24
hours, the coin hasn’t made much progress. In the past week,
Dogecoin price just moved up by 0.4%, which indicates that the coin
is still in a consolidated price range. The technical outlook for
Dogecoin indicated that buyers were not in control of the market at
press time. This meant that Dogecoin price was still experiencing
bearish pressure. For Dogecoin to be able to regain the bulls back,
it is important that the meme-coin breaks past its immediate price
ceiling. Demand for Dogecoin continued to remain low, which is why
the bears could at any point invalidate the brief recovery that the
coin made. If DOGE continues to consolidate over the next trading
sessions, the coin could fall to its local support level. For a
rally to happen, the coin has to topple over the $0.07 price
ceiling. Only then can the coin attempt to touch the $0.09 price
mark. Dogecoin Price Analysis: One-Day Chart DOGE was trading for
$0.05 at the time of writing. The coin is still trading laterally.
Although it tried to climb on its chart, the buyers did not
cooperate. Overhead resistance for the coin stood at $0.06. A break
above that can help Dogecoin touch the $0.07 price mark. A move
above the $0.07 mark would help the coin rally to $0.09. On the
other hand, support for the coin stood at $0.47. If buyers don’t
return to the market, Dogecoin could also fall from its local
support to the $0.03 price zone. In the last trading session, the
amount of DOGE traded fell, which meant that the coin was under
selling pressure. Technical Analysis The crypto was making a
recovery in terms of buying strength too. A slight demand would
bring the buyers back. This was, however, not the case, as at press
time, DOGE logged a fall in buying pressure. The Relative Strength
Index was below the zero-line, and that meant fewer buyers compared
to sellers. The Dogecoin price was also below the 20-SMA line. This
corresponded with low demand for the meme-coin and it also meant
that sellers were driving the price momentum in the market. Related
Reading: Cardano Finds Breathing Room At $0.35 Support – Is This
Enough For ADA? Other technical indicators also showed that the
bears were in control of the asset. The one-day chart also showed a
sell signal for the asset. The Moving Average Convergence
Divergence indicates the price momentum and direction of the
crypto. MACD underwent a bearish crossover and also formed red
histograms. The onset of these red histograms were sell signal for
Dogecoin. The Directional Movement Index determines the overall
price direction and strength of the same. DMI was negative as the
-DI was above the +DI line. The Average Directional Index (red)
fell below 20, which signalled that the current price direction is
losing strength. Related Reading: Bitcoin Price Formed A Bearish
Wedge Pattern, These Are The Crucial Trading Levels Featured image
from UnSplash, Chart: TradingView.com
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