Dogecoin Price Prediction: Will DOGE Break the Channel Pattern?

• The price of Dogecoin (DOGE) is now trading at $0.0711.
• Dogecoin’s (DOGE) current market cap is $9,981,620,594.
• The cost of Dogecoin is trading below the 20, 50, and 100-day EMA levels.

Dogecoin was introduced in December 2013 by two software developers, Jackson Palmer and Billy Markus. It was initially marketed as amusing, meme-inspired digital money. The “Doge” Shiba Inu meme served as the inspiration for the logo.  

Dogecoin operates on a decentralized blockchain-based network like other cryptocurrencies. It is intended to be an entertaining cryptocurrency rather than giving serious competition to well-established coins like Bitcoin or Ethereum. 

Dogecoin Price (DOGE) is showing a downtrend momentum based on the current market scenario in the weekly timeframe. The price of Dogecoin (DOGE) fell by 39.3% in the last two weeks showing how the coin is currently underperforming.

From its high of $0.7003, two years ago, DOGE’s price dropped by 96.08%. This decreasing trend draws attention to DOGE’s problems as well as the coin’s generally negative reputation.

 Additionally, the apparent currency shortage and the resulting low trade volume support the notion that market players’ interest and participation have decreased.

Dogecoin Price Analysis

EMA

The price of the DOGE cryptocurrency is currently trading below the 20-day and 50-day EMA levels on a weekly period, indicating a further decrease in price in the coming days.

MACD

The MACD line is below the signal line which suggests that the price of DOGE is creating a bearish pattern. The price is likely to decline in the future, based on the current state of the market.

RSI

An overbought state is denoted by an RSI value of 70 or higher, while an oversold state is denoted by a value of 30 or lower. As the 14-SMA line approaches 43.89 and the RSI is currently at 40.76, which suggests the RSI line is below the SMA line. With this, a likely downward movement is indicated.

Volume Analysis

The 24-hour trading volume for Dogecoin Price (DOGE) increased by -2.70% to $636,372,398, indicating a decline in market activity. This shows that suppliers are engaged and purchasers are uninterested. The price fell as a result of the volume drop.

Conclusion

In conclusion, according to the research, it is evident from the MACD, EMA, and RSI indicators that a downturn is gaining strength. These signs suggest that DOGE’s value may decrease in the upcoming months. The MACD indicator indicates a downward trend. The relative strength index (RSI) indicator is also heading lower, which shows that DOGE’s momentum is waning. These elements together indicate a gloomy outlook for Dogecoin’s price in the near future.

Technical Levels

Support – Dogecoin’s (DOGE) current support level is $0.0415.

Resistance: Dogecoin’s current resistance level is $0.1101.

Disclaimer

The authors or anybody identified in this article’s thoughts and opinions are only for informative reasons. They do not provide financial, investment, or any other type of advice. Investing in or trading in cryptocurrency carries the risk of financial loss.