Dogecoin price analysis: DOGE not ready to move above $0.2600

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis suggests further sideways movement below $0.2600
  • DOGE faces resistance at the $0.2600 mark
  • The closest support level lies at $0.2400.

The Dogecoin price analysis shows that despite rising to the $0.2600 mark, DOGE failed to climb above the resistance level due to a lack of bullish momentum. Market volatility has been extremely low for the past few days with DOGE observing little movement beyond the $0.2400 – $0.2600 level. 

The broader cryptocurrency market has observed a mixed sentiment over the last 24-hours as major cryptocurrencies are split between bullish and bearish price movements. Major players include AVAX and SHIBrecording a 5.43 and a 4.98 percent incline respectively. Meanwhile HBAR and LUNA record a 7.61 and a 6.58 percent decline respectively. 

Dogecoin price analysis: Bulls rejected

Dogecoin price analysis: DOGE not ready to move above $0.2600 1
Technical indicators for DOGE/USDT by Tradingview

Across the technical indicators, the MACD is bullish, as expressed by the green histogram. The indicator exhibited a crossover on September 9 and has been bullish since. While the momentum increased in the first 24 hours after the crossover, the resistance at the $0.2500 mark caused the price action to stagnate, and the momentum dwindled. Since then, the bullish momentum has remained very low suggesting low trade activity taking place.

The EMAs were moving upwards until recently when they started moving horizontally suggesting a drop in buyer activity in the markets. With the 26-EMA catching up to the 12-EMA, the indicator can be expected to observe a bearish crossover in the short term.

The RSI is currently neutral and trades close to the indicator’s mean line at the 47.08 index level. The indicator’s current position leaves room for sharp price movement in either direction across the short-term charts. However, the indicator is currently moving horizontally, suggesting that both sides are currently struggling to gain dominance over the price action. 

The Bollinger Bands are narrow and have experienced a drastic change a few days ago as the bands converged sharply on September 10 when DOGE stabilized above the $0.240 mark. Since then, the indicator has remained narrow as the price oscillated around the bands’ mean line. The past 48 hours have seen DOGE rise from $0.2329 to the current $0.2599 mark only to be rejected at the level causing further consolidation.

Technical analysis for DOGE/USDT

Overall, the 4-hour Dogecoin price analysis issues a sell signal, with 13 of the 26 major technical indicators suggesting a downwards movement across the timeframe. On the other hand, only three indicators are issuing a buy signal suggesting a low bullish presence at the current price level. At the same time, ten of the indicators remain neutral and do not issue any signals at the time of writing. 

The 24-hour Dogecoin price analysis further accentuates this sentiment with 14 indicators suggesting an upwards movement against only two indicators supporting the bears across the timeframe. The analysis further heightens the negative outlook to the Dogecoin price action suggesting a bearish market in the short term. Meanwhile, the remaining ten indicators sit on the fence and do not support either side at press time. 

What to expect from the Dogecoin price analysis?

Dogecoin price analysis: DOGE not ready to move above $0.2600 2
4-hour price chart by Tradingview

The Dogecoin price analysis suggests further consolidation as the short-term technical analyses show little to no activity in the markets. The mid-term technical analyses exhibit bearish outlooks suggesting a fall to the $0.2400 mark with potential downwards breakout to the $0.2200 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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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