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DOGE Price Analysis: Dogecoin Rebounds and Consolidate Past Price Level of $0.0023

DOGE

Dogecoin’s market cap is USD 307,083,452 with a circulation of DOGE 123,571,837,004 at present while the crypto experienced a relentless pullback in the preceding month after it reached a $0.00356 fresh peak in 2020. It has steadily broken all of the inevitable prior supports over the past 3 weeks at $0.0030, $0.0025 and $0.0023, and is currently bottoming out at around $0.0021. Tesla CEO Elon Musk has recently shared his support of Dogecoin, preferring DOGE as his favorite coin.

* Dogecoin is trading sideways after registering fresh high at $ 0.0035; its currently trading at $ 0.00249
* Although DOGE is sitting at a historic low price, indicators such as MA 50 and 200, RSI suggests a short-term reversal is possible
* DOGE named the best cryptocurrency coin by Elon Musk

Key Levels
Resistance Levels: $0.0035, $0.0030, $0.0025
Support Levels: $0.0023, $0.0021, $0.0017

DOGE/USD Daily Chart: Ranging

While DOGE/USD remains within a range of historic price lows, the intersection of MA 50 and 200 can be used to assist in determining the potential of a bullish upturn. In the future, this scenario can likely signify a sustained bullish momentum.

Currently, Dogecoin’s price is seen to rebound from the low level of $0.0021 for the past 3 days, but the downtrend remained intact before this price consolidation from the beginning of March 2020.

DOGE/USD 4-Hours Chart: Bearish

Analyzing Dogecoin’s 4-hour chart versus the US Dollar, it is observed that the coin was on a steady downswing within the given timeframe. DOGE price has lost its support from the 50-day and 200-day Moving Average over the last week.

With this, the coin slowly split the major support that was developing around $0.0023, while Dogecoin hovered around the $0.0022 handles, the next predicted price up is $0.0025 and the lowest anticipated price down is $0.0021.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

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