Dogecoin price analysis: DOGE expected to test $0.128 resistance before next retracement

TL;DR Breakdown

• Dogecoin price expected to test $0.128 resistance over the next 24 hours
• Price went up more than 2 percent to as high as $0.130 during the day’s trade
• Trading volume fell 42 percent and market cap rose 3 percent

Dogecoin price analysis showed neutral to bullish sentiment during the day’s trade, with price rising 2 percent to reach as high as $0.1301. Currently, price sits on the cusp of the $0.128 resistance, as it looks to recover from the February 24 decline that took price as low as $0.107. Since then, buyers have formed some consolidation to reach back above the $0.12 mark and will expect to test the $0.128 resistance over the next 24 hours.

Over the day’s trade, DOGE trading volume fell more than 42 percent, highlighting a bullish sight, while market capitalisation rose by 2 percent. Sell offs and profit taking action could be seen if price can breach the resistance zone. Otherwise, Dogecoin price will consolidate towards resistance and form a potential 18 percent upturn from there.

The larger cryptocurrency market showed positive outcomes during the day’s trade, as Bitcoin consolidated further towards $39,000 and Ethereum rose 3 percent towards $3,000. Ripple rose 6 percent up to $0.745, while Cardano and Litecoin rose 2 percent each to sit at $0.89 and $107.67, respectively. Big moves upwards were seen by Terra (9 percent), Polkadot (10 percent), and Avalanche (6 percent).

Dogecoin price analysis: 24-hour chart indicates little chance of upturn

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen targeting the crucial 25-day exponential moving average (EMA) as the next short-term destination. At the current trend, there seems not to be enough impetus in the market for DOGE to breach the resistance zone at $0.128 and form a consolidation, which is also indicated by the lowly market valuation in place with a relative strength index (RSI) of 36.69. DOGE faces a test to maintain the current price range and will be subject to formation of a rectangular pattern over the coming trade sessions.

The moving average convergence divergence (MACD) also shows a bearish outlook for Dogecoin, exhibiting bearish highs below the neutral zone. Support and resistance sit in a tight range at current trend, with support at $0.121 and resistance at $0.128. Any movement below support could trigger further sell offs towards the 3-month low of $0.109 as buyers are expected to be hesitant to enter the market at current price.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.