It took the Dogecoin market enough time to find a clear direction in favour of the buyers. The consolidation period started on the 12th of September and did not stop until the 25th of October. The resistance was at $0.0657, which was of high proximity to the support level in the consolidation trend and serves as the limiting barrier for the bullish move during the trend. Bulls were very determined on the 24th of September and the 2nd of October to break the price level, but they could not break the $0.0657 resistance level.
Dogecoin Market Price Statistic:
- DOGE/USD price now: $0.1338
- DOGE/USD market cap: $17,489,645,784
- DOGE/USD circulating supply: 132.67Billion
- DOGE/USD total supply: 132,670,764,300
- DOGE/USD coin market ranking: #8
- Resistance: $0.1400, $0.1450, $0.1500
- Support: $0.1100, $0.1000, $0.9000
Dogecoin Market Price Analysis: The Indicators Point of View
Whenever the Bollinger band converges its two bands it signifies price consolidation and it also signifies an imminent price breakout. But Dogecoin kept us in suspense for about a month. On the 25th of October, as the bullish candle appears for the day, the Bollinger bands converge more, then by the next day, bulls break the deadlock as the price skyrockets.
However, there is a reason for us to be concerned about the way the price is skyrocketing. An imminent massive selling may ensue, just as there has been a massive buying. Although the Bollinger indicator was also fast in its response to the market behavior, the MACD still has its curves below the bullish market zone. It’s going to take more bullish performance to bring the MACD line into the bullish zone. But, when we consider the bulls’ market performance, it is likely, the trend continue in the next trading session.
DOGE/USD 4-Hour Chart Outlook
The sessions so far in today’s market have been progressively bullish. The bulls market in the 4th session was the strongest. In the fourth session, we see that some traders are already selling. However, more traders are still ready to buy and they are buying.
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