DOGE Struggles Below $0.0700; A Key Level To Trade

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Published 11 hours ago

The Dogecoin (DOGE) price analysis points to the presence of sellers near the higher levels. Currently, DOGE/USD is trading at $0.0693 with modest gains of 0.49%. The DOGE price opened higher and tested the intraday high of $0.0724. But retraced quickly to lows. The formation of the Doji candlestick suggests indecision among traders.

Let’s dig deeper to find out the next course of action

DOGE price analysis is sideways today as we have seen a push above the critical $0.0700 level but face a rejection near the mentioned level. The RSI (14) trades above the midline as it holds above 50. This makes bulls hopeful.

  • DOGE price consolidates the gains near the higher levels indicating sideways movement.
  • A daily candlestick above the $0.0725 level would push the higher toward $0.0800.
  • Above-average volumes support the bullish outlook on the asset.

DOGE price oscillates near the resistance zone

Source: Trading view

On the daily chart, the DOGE price is trading in a downtrend channel since June 10, making lower lows and lower highs. The price meets the channel resistance twice, making a double top structure, indicating bearishness in the asset.  The support-turned resistance zone around $0.076 acted as a crucial level to trade.

DOGE price witnessed a price correction as from the swing highs of $0.0769, resulting in a depreciation of nearly 30%. However, the formation of the ‘Hammer’ pattern on July 26 induced buying momentum once again.

Currently, the price is struggling near the resistance zone that extends from $0.7000 to $0.7035. A strong buying push could make the price breach the mentioned zone and would tag the psychological $0.0800 mark as the first upside target.

On the flip side, if the price breaks below $0.0660, then we can expect a good fall up to $0.0651 on the downside. 

Techncial indicators:

RSI: The daily relative strength index (RSI) crossed the average line on Wednesday. Any uptick in the indicator would strengthen the bullish outlook. It reads at 55.

MACD: The moving average convergence divergence (MACD) is expected to move above mid-line with a bullish bias.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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