DogeCoin Price Analysis: DOGE the Memecoin Needs to Recover out of the Range!

DogeCoin price has been consolidating inside the price range of $0.055 and $0.077 over the daily chart.
DOGE crypto has slipped below 20, 50, 100, and 200-day Daily Moving Average.
The pair of DOGE/BTC is at 0.000003082 BTC with an intraday gain of 1.79%.

On the daily price chart, DogeCoin’s price is steadily increasing after falling to lower levels. The token is trading with strong upward momentum to enter the consolidation phase after first dropping out of the horizontal range-bound region and finding support at $0.057. The token must maintain its upward momentum as the consolidation phase draws near. DOGE, as has been noted for years, is traveling quickly in the direction of the moon. Last but not least, DOGE is fulfilling its promise to cryptocurrency investors. It still has a long way to go before it can fully recover and maintain its standing among all other cryptocurrencies.

DogeCoin’s price is CMP $0.0587 right now, and its market capitalization has grown by 0.50% over the last day. The trade volume increased by 40.58% during the intraday trading session. This implies that there are plenty of buyers entering the market, which will help DOGE rise throughout the consolidation phase. The volume to market cap ratio is 0.0409.

The DOGE coin is trading with a strong upward trend on the daily price chart. The token is making an effort to speed back toward the top range of the consolidation period. Following the downward trend, DOGE was able to find support at $0.057 before surpassing $0.060 to start documenting its comeback during the consolidation period. In order to leave the consolidation period, DOGE must now soar above $0.078 and continue to gain pace. However, the volume change is below average and needs to rise for DOGE to keep moving upward.

When will DOGE Escape this Range?

The price of the DOGE coin is sharply rising on the daily price chart. The token is about to leave the consolidation phase, so DOGE should maintain this bullish surge to cross the consolidation phase. Technical indicators show that the DOGE coin is moving sideways.

The bearish momentum of DOGE is displayed by the Relative Strength Index. The RSI is 42 and moving in the direction of neutrality. The sideways momentum of the DOGE coin is shown on MACD. A positive crossover will occur when the MACD line crosses the signal line upward. Investors in Doge must now wait and observe if bulls make any efforts to pull the token out of the consolidation period.

Conclusion

On the daily price chart, DogeCoin’s price is steadily increasing after falling to lower levels. The token is trading with strong upward momentum to enter the consolidation phase after first dropping out of the horizontal range-bound region and finding support at $0.057. The token must maintain its upward momentum as the consolidation phase draws near. DOGE, as has been noted for years, is traveling quickly in the direction of the moon. Last but not least, DOGE is fulfilling its promise to cryptocurrency investors. In order to leave the consolidation period, DOGE must now soar above $0.078 and continue to gain pace. However, the volume change is below average and needs to rise for DOGE to keep moving upward. Technical indicators show that the DOGE coin is moving sideways. Investors in Doge must now wait and observe if bulls make any efforts to pull the token out of the consolidation period.

Technical Levels

Support Levels: $0.055 and $0.051
Resistance Levels: $0.060 and $0.077

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.