TL;DR Breakdown
- Dogecoin price dropped almost 6 percent to move as low as $0.1401
- Price trades between support at $0.128 and $0.163 resistance
- Breakout to $0.194 expected if price can cross $0.16 over the daily chart
Dogecoin price analysis for the day remains largely bearish, with bullish potential dependent on the day’s close. Price fell almost 6 percent to move as low as $0.1401 on the day, with trading volume rising up to 28 percent to confirm a bearish outlook. However, DOGE could still be in line for an 18 percent breakout if the $0.163 resistance can be breached by the weekend. A daily close above this point would trigger an uptrend to take Dogecoin price as high as $0.194 where profit taking would then be expected. However, a bearish close towards support at $0.128 would invalidate the bullish thesis.
The larger cryptocurrency market recorded significant losses during the day’s trade, as Bitcoin fell 7 percent to stay just above $41,000. Ethereum followed suit with an 8 percent decline to take price below $3,000 as sellers dominated trade. Among Altcoins, Ripple fell 6 percent to $0.78, Cardano 5 percent to $0.13, Litecoin 8 percent to $118.35, and Solana dropped 8 percent as well to move as low as $94.84.
Dogecoin price analysis: Price targets $0.146 moving average over daily trade
The 24-hour candlestick chart for Dogecoin price analysis shows price dipping below the crucial moving average at $0.146 during yesterday’s price action. In slipping more than 6 percent, DOGE fell as low as $0.1370 but made recovery to move in touching distance with the 25 and 50-day exponential moving average at $0.146. Once this zone is cleared, DOGE will attempt to hit the $0.163 resistance where an outbreak of 18 percent could take price up to $0.194.
Clearly, this provides a buying opportunity at current trend where price sits in the demand zone at $0.1409. The relative strength index (RSI) resonates market valuation at an increasing value of 43.72, whereas the moving average convergence divergence (MACD) shows bearish lows sitting just above its neutral zone. Over the next 24 hours, price is expected to pick up towards the $0.163 resistance and could also move as high as $0.215 by the weekend to cap off a 31 percent increment. However, a failure to breach resistance would provide a significant hit to buyers and could drop price down towards support at $0.129.
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