- Dogecoin Price is suffering from a slight retracement phase.
- For a short term outlook, buyers often find higher price rejections at the level of 0.06575.
- Amid the sell-off, trading volume increased by 33.6% to $270 million in the past 24 hours.
Nowadays people are getting attracted to MEMEcoin in the crypto market. Shiba INU and Dogecoin are the two most popular coins in the MEMECoin category. Dogecoin was bullish from mid-June to mid-August, where the crypto recovered over 75% due to continued high-low momentum. Later profit booking brought bad times for short term investors.
Dogecoin price seems to be neutral at the $0.5946 mark at the time of writing against the USDT pair. In the morning intraday trading session, traders see high volatility, in fact, bears note a monthly low at $0.05750 today. Although the price has corrected repeatedly, Dogecoin looks green.
Dogecoin Price Prediction in 4 Hours Chart
The Hourly price action of Dogecoin price shows uncertainty in crypto. For short-term view, buyers often got higher price rejection at 0.06575 level, still valid. Later on, buyers failed to sustain crypto prices above the bullish trendline (above the chart). DOGE crypto moves to retest the key hedge zone (green box) for another bounce.
Dogecoin Price Analysis on Daily Price Chart
The $0.0550 level is seen as an immediate support level for the bulls. However, on the daily price chart, buyers are stuck in a limited range of support between the $0.065 and $0.057 resistance levels. For the week, Dogecoin price prediction suggests more consolidation phases under a certain range if buyers maintain support.
DOGE Crypto’s market cap fell 3% overnight to $7.89 billion. Due to the drop in price in BTC, the price of Dogecoin crypto pairing with bitcoin remains down 1% at 0.000003117 satoshis. In the last 8 days, there was strong selling in the buyers last night. As a result, trading volume increased by 33.6% to $270 million in the last 24 hours.
On the daily price scale, Dogecoin price is trading below the red lines of the EMA Ribbon indicator. Due to this, the daily RSI indicator turned bearish as its peak moved below the semi-line. Both technical indicators are showing downside in the price of Dogecoin.
Conclusion
Due to the range bound market, Dogecoin investors are waiting for good opportunities so far. Technical indicators such as the EMA Ribbon and RSI suggest downside in the price of Dogecoin. Furthermore, Dogecoin price prediction suggests more consolidation phases under a certain range if buyers hold support.
Resistance level- $0.065 and $0.090
Support level- $0.055 and $0.050
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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