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\u2019t made much progress.<\/p>\n
In the past week, Dogecoin price just moved up by 0.4%, which indicates that the coin is still in a consolidated price range.<\/p>\n
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.<\/p>\n
For Dogecoin to be able to regain the bulls back, it is important that the meme-coin breaks past its immediate price ceiling.<\/p>\n
Demand for Dogecoin continued to remain low, which is why the bears could at any point invalidate the brief recovery that the coin made.<\/p>\n
If DOGE continues to consolidate over the next trading sessions, the coin could fall to its local support level.<\/p>\n
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.<\/p>\n
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.<\/p>\n Overhead resistance for the coin stood at $0.06. A break above that can help Dogecoin touch the $0.07 price mark.<\/p>\n 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.<\/p>\n If buyers don\u2019t 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.<\/p>\n 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.<\/p>\n The Relative Strength Index was below the zero-line, and that meant fewer buyers compared to sellers.<\/p>\n 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.<\/p>\n Dogecoin displayed sell signal on the one day chart | Source: DOGEUSD on TradingView<\/a><\/p>\n 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.<\/p>\n The Moving Average Convergence Divergence indicates the price momentum and direction of the crypto. MACD underwent a bearish crossover and also formed red histograms.<\/p>\n 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.<\/p>\n 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.<\/p>\n Featured image from UnSplash, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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\u2019t made much progress.<\/p>\n In the past week, Dogecoin price just moved up by 0.4%, which indicates that the coin is still in a consolidated price range.<\/p>\n 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.<\/p>\n For Dogecoin to be able to regain the bulls back, it is important that the meme-coin breaks past its immediate price ceiling.<\/p>\n Demand for Dogecoin continued to remain low, which is why the bears could at any point invalidate the brief recovery that the coin made.<\/p>\n If DOGE continues to consolidate over the next trading sessions, the coin could fall to its local support level.<\/p>\n 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.<\/p>\n 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.<\/p>\n Overhead resistance for the coin stood at $0.06. A break above that can help Dogecoin touch the $0.07 price mark.<\/p>\n 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.<\/p>\n If buyers don\u2019t 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.<\/p>\n 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.<\/p>\n The Relative Strength Index was below the zero-line, and that meant fewer buyers compared to sellers.<\/p>\n 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.<\/p>\n
\nDogecoin was priced at $0.05 on the one-day chart | Source: DOGEUSD on TradingView<\/a><\/p>\n
\nDogecoin registered downtick in buying strength on the one day chart | Source: DOGEUSD on TradingView<\/a><\/p>\n
\nDogecoin was priced at $0.05 on the one-day chart | Source: DOGEUSD on TradingView<\/a><\/p>\n
\nDogecoin registered downtick in buying strength on the one day chart | Source: DOGEUSD on TradingView<\/a><\/p>\n