Dogecoin Price Analysis: DOGE/USD preparing for fresh uptrend above $0.23

Dogecoin price analysis

TL;DR Breakdown

  • DOGE/USD consolidated between $0.19 – $0.20 since the last weekend
  • As of this writing, Dogecoin is trading at $0.198 against the US dollar
  • Balances between supply and demand suggest bullishness on the DOGE price analysis

Dogecoin Price Analysis: General price overview

DOGE/USD consolidated between $0.19 – $0.20  for the past few days and held practically no noticeable movement in either direction. This uncertainty among traders is most likely because Dogecoin’s previous break to the upside was invalidated by its downward momentum after reaching a peak at just above $0.22 between July 22 – August 1. 

However, the bulls should reach to clear the overhead resistance preventing a breakout and prevent break-even traders from profit-booking at this point. Further solidifying a move towards the 50-day simple moving average at $0.22.  If the bulls are unable to stage an intense fight against selling pressures, the meme-coin could slide towards the $0.15 crucial support. 

Meanwhile, the slight multi-directional movements might sustain a tight range bound between the crucial support and the first major support at $0.20. 

From a high of $0.233 on July 26, the price of Dogecoin has dropped roughly 1.5 percent to its current level. Closely, a positive signal is forming on the 2-day chart.  The tight consolidation near stiff resistance indicates a balance between supply and demand in the market. Usually, such consolidations resolve to the upside, hence suggesting bullishness on the dogecoin price analysis. 

Dogecoin price movement in the last 24 hours: Strong trading volumes

Dogecoin has been trading within low volatility and strong trading volume over the last 24 hours; the coin is still ranked 8th among the top ten cryptocurrencies by market cap. Its price rose from $0.1900 to $0.2096 in 24 hours. Meanwhile, the total market cap for Dogecoin sits at approximately $26.9 billion.

Dogecoin price analysis
Source: TradingView

DOGE/USD 4-hour chart: DOGE/USDT prepares for gains

The $0.213 resistance level has been an obstacle to the ascent of Dogecoin’s price. Now that it appears to have rejected a recent attempt to improve the 4-hour chart, there may be a 10% pullback towards it the $0.183 demand barrier.

We can’t entirely dismiss the current Dogecoin price analysis as bearish as there are slight technical improvements. The coin has already moved into the $0.21, after spending part of last week building support near $0.19 and $0.20.  Traders can therefore anticipate meaningful gains over the upcoming 24-hours. 

As of this writing, Dogecoin is trading at $0.198 against the US dollar

Dogecoin price analysis conclusion 

A rather bearish long-term technical is forming on Dogecoin’s price action. The daily number of new addresses joining the Dogecoin network has decreased by 79% over the past three months, suggesting that investors are beginning to exit. This plummet paints a negative bearish outlook for the medium and long-term forecast of the meme-themed coin. 

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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