DOGE/USD Retraces $0.06581 Resistance level

The Dogecoin market formed a resistance price level at $0.0662 on the 4th and 5th of October. That bearish resistance made the price trend downwards for 5 days until the 11th of October when the buyers became strong enough to stop the further market push by the sellers. This resulted in a ranging market. The ranging market went on from the 15th to the 25th of October. 

 Dogecoin Market Price Statistic:

• DOGE/USD price now: $0.0657
• DOGE/USD market cap: $8,957,911,125
• DOGE/USD circulating supply: 132.67Billion
• DOGE/USD total supply: 132,670,764,300
• DOGE/USD coin market ranking: #10

Key Levels

•      Resistance: $0.070, $0.075, $0.80
•      Support: $0.0600, $0.055, $0.0500

Dogecoin Market Price Analysis: The Indicators’ Point of View

Initially, the bearish move that ensued after the price reached the $0.0662 price level was very powerful. However, along the line, buyers became strong enough to stop the trend by making the price consolidate at a $0.0680 price level from the 11th of October. On the 13th of October bear became so aggressive that they drove the price as low as $0.055, but in response to thos, bulls recovered all the ground, and the market closed at the point at which the market opened for the day. The frequent bullish spinning tops in the sideway-ranging market show us that the bullish trend is ‘by the corner’. According to the MACD, although the fast line has crossed over the slow line, the bullish market still has a long way to go. Looking at the chart, they need to break above the $0.0662 resistance level.

DOGE/USD 4-Hour Chart Outlook

Bulls were able to break away from the market deadlock in the 8th hour of yesterday’s session and they continue to push the price upward. The amount of Dogecoin purchases increased and it reached its peak in the first session of today’s market. DOGEUSD was massively bought in the first session of today’s market. As expected, with such buying pressure, a price retracement followed in the second and third sessions.

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