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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Dogecoin Must Do This One Thing For Price To Hit $0.1, Here Is Why?

jamesobande
jamesobande
1 year ago
2 mins read
Dogecoin

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  • DOGE price breaks down into a ranging channel as price failed to break above resistance, holding price from trending higher. 
  • DOGE trades below 50 and 200-day Exponential Moving Average as the price struggles to regain bullish signs as the price continues ranging in a channel. 
  • The price of DOGE needs to break out of the channel with good volume to rally high to a region of $0.1. 

Dogecoin (DOGE) prices continue to struggle as they range in a channel to rekindle their bullish movement against tether (USDT). Dogecoin (DOGE) and other crypto assets experienced a relief bounce in recent weeks, which saw the crypto market cap look good for cryptocurrencies across the industry, with many producing double-digit gains. DOGE showed some relief bounces but was quickly rejected into a range price movement. (Data from Binance) 

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Dogecoin (DOGE) Price Analysis On The Weekly Chart

Despite having had a difficult few months, with the price falling to a low of $0.05, a 70% drop from an all-time high of $0.6, and many glamouring for $1. Due to market conditions, this incredible price movement was cut short. The crypto market has been in a bear market for more than six months, causing many crypto assets to retest their weekly lows while others cling to key support.

After rallying to a high of $0.08, the price of DOGE fell to a weekly low of $O.05, where the price held strong after forming support, and this region appeared to be a demand zone for prices.

DOGE price bounced off this region of $0.05 as the price rallied to a weekly high of $0.66 as the price faced resistance to breaking higher as the price range in a channel.

DOGE’s price has since remained within its range as it prepares to break out of it in order to retest the resistance at $0.08.

Weekly resistance for the price of DOGE – $0.08.

Weekly support for the price of DOGE – $0.05.

Price Analysis Of DOGE On The Daily (1D) Chart

Daily DOGE Price Chart | Source: DOGEUSDT On Tradingview.com

On a daily basis, the price of DOGE remains below the 50-day and 200-day Exponential Moving Averages (EMA), which is not conducive to an upward price trend in the short term. The prices of $0.08 and $0.062 correspond to the prices at the 50 and 200 EMAs, which act as DOGE resistance.

For the price of DOGE to resume its bullish trend, it must break above $0.08 with good volume closing above it. The price of DOGE remains range-bound as it needs to break out to the upside to resume its bullish movement; a break to the downside would send the price of DOGE to a daily low of $0.05 and likely lower.

Daily resistance for the DOGE price – $0.08.

Daily support for the DOGE price – $0.05.

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Featured Image From Finbold, Charts From Tradingview 
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jamesobande
jamesobande

jamesobande

James is a blockchain writer and technical Analyst with more than five years of experience in the crypto space.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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