Dogecoin Price Analysis: DOGE Coin Price Continues To Move In A Slow Placed Uptrend

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  • Doge price is currently moving in an uptrend within an upside parallel channel. It might observe a new high of $0.25 in the future.
  • Technical indicators of Dogecoin suggest a strong bullish momentum in price. Meanwhile,DOGE/BTC pair has observed a rise of more than 3.7% in the intraday session.

Doge coin price is currently in a slow paced uptrend and can soon cross beyond the resistance of $0.3. Dogecoin price is currently trading near the value of $0.215 with a gain of 3.5% in the intraday session. The asset price has an ROI of more than 42000% which has always attracted investors towards it.. The bullish momentum of Dogecoin can face a resistance on the upside near the value of $0.3 . In contrast, the bounceback region in the price can be seen near the value of $0.1. Doge coin price can soon see a major breakout above $0.3. One can invest in DOGE as per their risk capacity and price action.

Dogecoin price has slide down by more than 74% from its all time high . The market dominance of the token is greater than 1.6% and is currently ranked 7th in the cryptoverse . In contrast the asset volume along with the market cap has seen an increase in the past few days. The volume to market capitalization ratio of the coin is near 0.053 ,suggesting a slow paced uptrend in price.

Technical Indicator Hints Towards A Bullish Momentum In DOGE Coin Price

Source: Trading view

The weekly technical chart of Dogecoin  suggests a strong bullish momentum in price for upcoming days. The price of the coin has formed a bullish engulfing pattern on the daily chart. It is currently trading  below 50 and 100 Daily Moving Average, with a negative crossover on the past trading session. The 50 DMA line is currently near $0.22 making it a temporary resistance region for the coin. Dogecoin might see a small downside correction in the future before reaching a new high. It. The DOGE/BTC pair can also observe a new high in the upcoming days.

Conclusion

DOGE coin price is currently in an uptrend on the daily chart and can soon see a breakout aboe $0.3. The DOGE/BTC pair can also break the previous resistance created in the past and can reach new high. One should do their due diligence before investing.

TECHNICAL LEVELS

Major Resistance:$0.3

Major Support:$0.1

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