- The Dogecoin Price is trading at $0.06807 with a decline of 1.32%.
- The coin price is currently trading inside a falling wedge pattern
Dogecoin (DOGE) was created in 2013 as a peer-to-peer and open-source cryptocurrency. It is used to do easier and faster transactions through its Scrypt algorithm. It was created after getting inspired by the famous internet meme of a Shiba Inu dog. It was also created to make fun of Bitcoin and other crypto coins at that time.
DOGE Coin Price Data
In the past 24 hours, the DOGE coin has declined by 1.32% and is currently trading at $0.06807 with a trading volume of $95.004 Million. It is ranked in 9th position by the coin market cap based on its market capitalization of 9,659,030,858 USD. It has currently deployed 141,603,626,384 DOGE coins in the crypto market.
Price Analysis of DOGE Coin on a 1-Day Timeframe
The DOGE coin price is currently trading inside a falling wedge pattern which is a bullish pattern. Currently, it is facing rejection from the upper trendline of the falling wedge pattern. It has a support at $0.5782 and resistance at $0.08408.
The price has recently reclaimed the 50-day and 100-day EMA lines and is sustaining above them. This shows the bulls again trying to get control of the price.
The Relative Strength Index is at 62.21 which is marked in bullish territory. The RSI is coming back from the overbought territory and is sloping in the downward direction. This shows selling pressure is currently being applied by the sellers to get their control back.
In the current situation, as long as the price is sustained above the EMA lines there is a chance of price to give the breakout of the falling wedge pattern. This could lead it to rise toward its immediate resistance at $0.08408. If it gives the breakout of this also then it may rise to its next resistance at $0.09674.
The price is falling after facing rejection from the upper trendline of the falling wedge pattern. If it didn’t sustain above the EMA lines and closes below them. Thus, it may fall to its support level at $0.05782. However, for it to continue its fall, it must give the breakdown of this support. After which it may rise to its next support at $0.04978.
Conclusion
The overview of the chart shows, that the price is currently in bullish sentiment. The above-mentioned technical indicators are also overall bullish. However, for the continuation of the uptrend, it must give the breakout of the falling wedge pattern. After which it may continue its further uptrend.
Technical levels
Resistance Levels: $0.08408 and $0.09674.
Support Levels: $0.05782 and $0.04978.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.