• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Dogecoin

Will Dogecoin Dip To Local Support As The Coin Trades Sideways?

anushsamal by anushsamal
2 months ago
in Dogecoin
Reading Time: 2 mins read
Advertisement
Advertisement

Dogecoin started losing value as soon as it fell outside its ascending parallel channel. At the moment, Dogecoin is trading laterally. Over the last 24 hours, DOGE went up by 0.3%, which confirms that the coin was stuck in a consolidated price region.

Last week, Dogecoin brought in close to 4% gains. The technical outlook for the Dogecoin price depicted that bearish momentum had set in. Demand and accumulation for the meme-coin depreciated when it started to trade sideways.

Related Reading: Tezos Approaches The ‘Mumbai Upgrade’, What’s Next For XTZ?

The meme coin noted a price pullback after it breached the $0.88 resistance level. Over the last few days, Dogecoin has witnessed a substantial influx of buyers; however, selling pressure has amplified at press time.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Overall, the meme coin has a bullish structure as it has managed to keep its price above the 200-Simple Moving Average line. In the shorter time frame, Dogecoin might retrace close to the $0.74 level before recovering or falling in value further. The market capitalization of DOGE declined slightly, indicating that selling pressure has mounted on the chart.

Dogecoin Price Analysis: One-Day Chart

Dogecoin
Dogecoin was priced at $0.81 on the one-day chart | Source: DOGEUSD on TradingView

DOGE was trading at $0.81 at the time of writing. The coin corrected itself after it reached the $0.88 price level. Immediate resistance for the meme coin stood at $0.87, close to the 61.8% Fibonacci retracement level. Moving past the $0.87 mark can push DOGE to the $0.104 resistance mark.

On the other hand, if Dogecoin fails to stay above the $0.74 support level, it can fall to $0.66. If demand picks up slightly, it is unlikely that Dogecoin will fall below the $0.74 price floor. The amount of Dogecoin traded in the last session decreased, indicating that there has been a fall in buying pressure.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Technical Analysis

Dogecoin
Dogecoin noted a fall in buying strength on the one-day chart | Source: DOGEUSD on TradingView

The meme coin has depicted a fall in demand as buyers started to decline on the daily chart. The Relative Strength Index (RSI) retraced after it stood close to the 70-mark, signifying excess buyers over sellers. This signified that the meme coin was correcting itself at press time.

The RSI, however, remained above the 50-mark, indicating that buying strength was greater than selling strength. Dogecoin price was above the 20-Simple Moving Average (SMA), indicating that buyers were in control of price momentum in the market.

It was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating bullishness. The coin, however, formed a death cross where the 200-SMA line crossed over the 20-SMA line. A death cross is accompanied by a significant fall in value.

Dogecoin
Dogecoin depicted buy signals on the one-day chart | Source: DOGEUSD on TradingView

The meme-coin continued to display buy signals on the one-day chart. The Moving Average Convergence Divergence, which indicates price momentum and trend reversal, depicted green signal bars tied to buy signals.

Related Reading: Bitcoin Bulls Hold The Line At $20,700, But Bigger Losses Are Imminent?

These green histograms were shrinking, indicating that it was probably not a good time to buy the asset. In resonance with the same, the Bollinger Bands that suggest volatility widened apart, implying that the price would significantly change over the next trading session.

Featured Image From UnSplash, Charts From TradingView.com
Tags: dogeDogecoindogeusddogeusdt
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

Dogecoin

Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?

3 weeks ago
Dogecoin DOGE

Dogecoin Price Displays Bearish Chart Pattern, These Levels Are Key Now

4 weeks ago
Dogecoin

Dogecoin Moves Close To Support level, Will The Bulls Defend This Mark?

4 weeks ago
Dogecoin

Dogecoin At A Vital Price Level, Is There A Chance It May Rally?

1 month ago
Dogecoin

Dogecoin Down 3%, Here’s The Metric That Signaled This Decline In Advance

1 month ago
Dogecoin DOGE

Dogecoin Whales Buy 1.06 Billion DOGE, Price Ready For Breakout?

1 month ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • TMS Network (TMSN) Surges and Attracts Investors as Conflux...

    2 hours ago
  • TMS Network (TMSN) Storms Crypto Market while Chainlink...

    2 hours ago
  • TMS Network (TMSN) Outshines Competitors While Polygon...

    3 hours ago
  • Investors Turn to Metropoly as Immutable X and STEPN Rally...

    4 hours ago
  • Three Exciting Cryptos With Growth Potential: Axie Infinity...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.