- Dogecoin Price Prediction is not bullish for long term until it breaks 0.16000.
- DOGE price lost momentum and eroded the monthly gains.
- Dogecoin crypto struggles to hold the price above the 50 and 200 day EMA.
Dogecoin Price down 11% in the current week and has eroded the gains generated in the beginning of month. It shows that speculators are highly active in DOGE and the recent up-move was a bulls trap.
Dogecoin price seems to be stuck in the wide range between $0.06256 to $0.11055 and no signs of breakout or breakdown is visible. DOGE price tried multiple times to break the higher range but sellers dominated the supply zone and rejected the prices every time. Therefore, Until DOGE breaks $0.16000 it is expected to remain in bear grip.
Dogecoin price is trading at 0.08026 with an intraday decline of 0.02%. The 24 hour volume to market cap ratio at 0.0331. At the mid of March, DOGE price took support at $0.06256 and formed a bullish hammer candle. Later, prices picked up momentum and slowly began to rise. It consolidated for a few weeks in a narrow range and luckily breakout upside with a strong momentum.
Meanwhile, DOGE crypto also witnesses a spike in the buying volume which supports the upside momentum. Sadly, the up-move halted near $0.10000 and prices failed to give the follow up momentum.
Why Dogecoin price spikes are not sustainable?
Dogecoin Price formed a long tail bearish rejection candle and witnessed profit booking from the higher levels. Both the EMA are still sloping sideways, indicating prices are expected to consolidate for some more time in a wide range. Presently, DOGE price is mid of the range, so more downside is possible in coming weeks. DOGE price up-moves are not sustainable due to high participation of the speculators and lack of genuine buying.
The technical analysis suggests, Dogecoin price is in bear grip and any short term pull back will be just a speculative move. However, if the buyers succeed to break the $.16000 hurdle then we may say trend has turned bullish and bulls are returning back to track. On the other hand, if the situation gets worse and the sell off continues then bears might try to test the yearly lows.
DOGE price is weak on multiple timeframe
DOGE price formed a bearish engulfing candle on a weekly time frame and trading near to monthly low. It shows Dogecoin price structure is getting weak on multiple time frames which strengthen the bear grip. The technical indicators like MACD had generated negative crossover and histogram bar is also declining. It indicates bearish momentum may continue for some more time. The RSI at 44 sloping sideways denotes weakness and prices might try to test the neutral territory.
Conclusion
Dogecoin price got rejected from the higher range of consolidation and eroded the monthly gains. DOGE price up-moves are not sustainable due to massive participation of the speculators and lack of genuine buying.
Technical levels
Resistance levels : $0.11055 and $0.16000
Support levels : $0.06256 and $0.05000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.