Dogecoin has retained its title of meme coin leadership, not allowing any new-age meme coins to reach the top-tier blockchains. With a combined market capitalization of $8,090,241,064, this token is moving towards a consolidative trend to ease the selling and negative sentiment that has developed in the minds of crypto enthusiasts.
Immediate support failed to restrain the profit booking sentiment developed due to the Bitcoin price crash. The BTC price momentarily dipped even below $20,000.
Although the DOGE tokens have become dirt cheap, one must ensure long-term survivability as the key aspect behind the success of any cryptocurrency. Dogecoin has now reached a consolidative stage and got support from the level it marked a breakout in April 2021. With DOGE prices continuing to dip after each small buying movement, one needs to vary their investment size before considering investing in Dogecoin.
The Dogecoin price analysis showcases the trend in real-time, with potential bounce back and profit booking levels one can take advantage of. For a detailed price analysis and other information, you should take a look at our DOGE price prediction.
The Dogecoin price trend marked the third consecutive breakdown of its minor consolidation to arrest the negatively trending market values. Dogecoin has an immediate support level near $0.0460, confirming the pre-2021 breakout support level.
In the meantime, the RSI indicator has jumped from the oversold value of 20 to nearly 40, with market prices consolidating in the same range. This price action showcases buying of DOGE coins without the ability to beat the overall selling volumes.
Prolonged consolidation for two weeks or more will shift the outcome of this consolidation towards buyers. Alternatively, the DOGE prices can further dip below the immediate support level of $0.0460 if it fails to keep moving ahead.
Other indicators are showing jumbled outcomes; hence one must be prepared to watch some red on their Doge portfolio in the short term if this consolidation fails to maintain its sanctity.
Source: https://www.cryptonewsz.com/dogecoin-price-shows-consolidation-will-the-doge-price-rise/