Dogecoin price constantly follows the footsteps of the price of Bitcoin. Crypto market sentiment is extremely bearish due to large participation of sellers. Thus each aggressive price increase in Doge Crypto brings opportunities for a downtrend.
However, for a longer-term outlook, Dogecoin price remains at cheaper levels, but as bears have been dominating the cryptocurrency since its all-time high of $0.7399, investors are trying to ignore it until the price of bitcoin breaks above the level of $23K.
At the time of writing, Dogecoin price is trading at the 0.0605 mark as of press time. The crypto market cap is up 2% in the last 24 hours as buyers aggressively hoarded MEME coins last night and the daily candle shows a long legged Doji candle. Moreover, the price of the DOGE/Bitcoin pair is down 1.3% at 0.000003122 Satoshis.
As Bitcoin price registered its yearly low in June, Dogecoin price came tumbling down into the key hedge zone of $0.55 to $0.50, provided Dogecoin value rose several times in the last few months. Just a few sessions before, buyers accumulated cryptocurrency, resulting in Doge price escaping the downsloping trendline last week, but buyers are failing to sustain the breakout.
Dogecoin price is facing retracement phase this week after bearish trendline breakdown, thus it down by 1.1%. So far. Weekly candles constitute inside the previous green candle, speculators may consider it as an inside trading.
Although altcoin price provides higher-lows formation after mid-September price rebound. In fact the Dogecoin price prediction shows more price recovery if buyers maintain this bullish trend above the horizontal trendline (blue).
Will Bulls Break 20-EMA by The End of This Week?
There is no question that buyers are ignoring Dogecoin price making any long positions as BTC price dipped below $20K. Therefore, the bears came into the market again and kept the crypto price below the 20 day exponential moving average (green). Although, price is not far from the 20-EMA, bulls may break it at any time but this action requires high trading volume.
Additionally, the daily RSI indicator slides below the halfway mark (50 points), indicating a bearish divergence for the Dogecoin price prediction. An RSI above red zone (50 level) could help the speculators push DOGE price towards the bullish barrier near $0.090.
Conclusion
Dogecoin price is trading just below the 20-day exponential moving average. At this point in time, the bulls need to maintain the price above the 20-EMA. Dogecoin price prediction calls for another retracement phase if the RSI fails to move above the halfway mark (50 points) by the end of this week.
Resistance level- $0.065 and $0.090
Support level- $0.055 and $0.050
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/09/29/dogecoin-price-prediction-time-to-sell-dogecoin-when-rsi-slides-below-red-zone/