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.
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.
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.
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