Dogecoin Price Analysis: DOGE Token Price May See The Continuation Of Downtrend In Upcoming Days

• DOGE price is on a bearish trend with a downside parallel channel. In contrast, DOGE price is seeing 5% loss in intraday session

• The google search trend for Dogecoin has declined in the past seven days. Meanwhile, DOGE/BTC pair is seeing a gain of 0.06%

Doge token price is currently trailing at $0.3 with an intraday loss of 5%. The google search trend across the globe for Dogecoin has seen a decline. It will have a direct effect on the price for Doge in the near future. The resistance zone for the asset price on the upside can be seen at $0.52.

Doge price can see a bounce back while going downside from $0.1. The price is trading below 50 and above 100 Days Moving Average. The 50MA (RED) line is at the level of $0.37, making it a temporary resistance for the price. DOGE/BTC pair is also showing a weak bullish momentum but can soon recover.

Dogecoin token is ranked 6th in the CMC with a market capitalization of $38,764,927,205.69.The coin volume along with the market capitalization has seen a significant decline in the last 24 hours.

Technical Indicator Gives A Sign Of Weak Recovery In DOGE Token Price 

DOGE price has formed a bearish doji candle on the weekly technical chart .  It hints at the investor dilemma around the current price. The daily chart of price suggests the continuation of downtrend. Dogecoin has formed a downside parallel channel on the daily chart. If the price breaks down below the parallel channel , then a bearish momentum till $0.1 can be expected. DOGE/BTC pair can also break the previous support and go further down.

The volume indicator is at 25.8M while hinting a small selling pressure. If the price climbs below $0.1, then selling pressure would increase significantly.

RSI (Neutral): It is trailing at 43.38, highlighting its presence in the neutral zone. There is a small negative slope formation in the RSI, suggesting the price may see a consolidated momentum. The overall sentiment of the RSI is Neutral.

Conclusion

DOGE token has filled its investors pocket with more than 1000% since JAN 2021. It is currently in a downtrend but can soon see a recovery. An Investor should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$0.52

Major Support:$0.1

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