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Dogecoin price analysis: DOGE falling into sideways pattern in pursuit of $0.1 recovery

Dogecoin price analysis
TL;DR Breakdown
  • Dogecoin price analysis shows price attempting to recover up to $0.10 but trading sideways
  • Bulls finding rejection near the 20-day exponential moving average
  • 24-hour trading volume dropped 19 percent

Dogecoin price analysis shows price attempting to form a recovery up to the $0.10 mark, but falling into a horizontal trend around the $0.08 mark. DOGE formed an uptrend at the end of May and recovered up to $0.087 by May 30, 2022. Since then, price seems to have stagnated with minimal buyer interest, also justified by the 19 percent drop in trading volume over the past 24 hours. Volatility remains low in the market with no significant signs of an uptrend. Buyers have found multiple rejections around the 20-day exponential moving average (EMA) at $0.081 which is also the pivoting point for current price.

The larger cryptocurrency market showed upward movement across the board, led by Bitcoin’s ascent past the $30,000 mark. Ethereum followed suit, consolidating above $1,800 with a 2 percent rise. Among leading Altcoins, Ripple rose up to $0.397 with a minor uptrend, as Cardano moved up to $0.57 with a 3 percent rise. Solana soared up 5 percent to move as high as $39.57, whereas Polkadot recorded a minor rise to reach $9.47. The Avalanche token recorded the biggest rise across the market, moving up 6 percent to reach $24.69.

Screenshot 2022 06 05 at 11.40.44 PM
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: Extended horizontal pattern emerges on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen extending along a horizontal trend since the start of the month. Price sits below the 20 and 50-day exponential moving averages with the sideways movement likely to continue. DOGE has faced multiple rejections at the $0.083 mark which remains the upper cap at current trend.

DOGEUSDT 2022 06 06 10 20 20
Dogecoin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows additional sideways movement at 41.74 which justifies price stagnancy. Furthermore, the 19 percent drop in trading volume also shows bearish extension. The moving average convergence divergence curve continues to form lower lows, albeit sitting above the neutral zone to provide some bullish indication. Over the next 24 hours, DOGE is expected to continue along the horizontal trend with the bottom cap at $0.080 and support at $0.070. Conversely, bullish interference may soar price up to the $0.1 mark where extensive sell offs may be expected.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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