- Dogecoin price expected to test $0.128 resistance over the next 24 hours
- Price went up more than 2 percent to as high as $0.130 during the day’s trade
- Trading volume fell 42 percent and market cap rose 3 percent
Dogecoin price analysis showed neutral to bullish sentiment during the day’s trade, with price rising 2 percent to reach as high as $0.1301. Currently, price sits on the cusp of the $0.128 resistance, as it looks to recover from the February 24 decline that took price as low as $0.107. Since then, buyers have formed some consolidation to reach back above the $0.12 mark and will expect to test the $0.128 resistance over the next 24 hours.
Over the day’s trade, DOGE trading volume fell more than 42 percent, highlighting a bullish sight, while market capitalisation rose by 2 percent. Sell offs and profit taking action could be seen if price can breach the resistance zone. Otherwise, Dogecoin price will consolidate towards resistance and form a potential 18 percent upturn from there.
The larger cryptocurrency market showed positive outcomes during the day’s trade, as Bitcoin consolidated further towards $39,000 and Ethereum rose 3 percent towards $3,000. Ripple rose 6 percent up to $0.745, while Cardano and Litecoin rose 2 percent each to sit at $0.89 and $107.67, respectively. Big moves upwards were seen by Terra (9 percent), Polkadot (10 percent), and Avalanche (6 percent).
Dogecoin price analysis: 24-hour chart indicates little chance of upturn
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen targeting the crucial 25-day exponential moving average (EMA) as the next short-term destination. At the current trend, there seems not to be enough impetus in the market for DOGE to breach the resistance zone at $0.128 and form a consolidation, which is also indicated by the lowly market valuation in place with a relative strength index (RSI) of 36.69. DOGE faces a test to maintain the current price range and will be subject to formation of a rectangular pattern over the coming trade sessions.
The moving average convergence divergence (MACD) also shows a bearish outlook for Dogecoin, exhibiting bearish highs below the neutral zone. Support and resistance sit in a tight range at current trend, with support at $0.121 and resistance at $0.128. Any movement below support could trigger further sell offs towards the 3-month low of $0.109 as buyers are expected to be hesitant to enter the market at current price.
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