Dogecoin Forecast: Will Doge Crypto Break Above $0.0600 Mark?

• 1 DOGE crypto is trading with sideways momentum, showcasing consolidation.
• 2 Dogecoin crypto is taking multiple support at the level of $0.0550 level.

DOGE crypto is in the no-trading zone, consolidating in a tight range. DOGE price is consolidating in a tight range of $0.0687 and $0.0569. 

At the moment of writing Dogecoin is trading at the level of $0.0589 with an intraday gain of 1.37% a trading volume of $2.295 Million and an average trading volume is $9.372 Million. The current market cap of the company is $8.329 Billion with an FD market cap of $8.329 Million. Moreover, the current market supply of the DOGE is $141.407 Billion.

The performance of the DOGR coin is dismal throughout the year as it gave a return of -15.69% year to date and a return of -34.84% in the span of 6 months. It gave a negative return of -18.03% and a return of -3.75% in a month. The performance highlights the prolonged downtrend in the Dogecoin crypto.

Technical Analysis of Dogecoin Crypto Price in 1-D Time Frame

If it can sustain at this level, the Dogecoin price could continue to go up and reach the first and second targets of $0.0594 and $0.0622. However, if the DOGE price cannot maintain this level and falls, then it might hit the closest support levels of $0.0566 and $0.0510.

At the time of publishing, Dogecoin crypto (USD: DOGE) is trading below the 50 and 200-day simple moving averages (SMAs), which do not support the price trend. 

However, if more selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the DOGE price is expected to move downwards giving bearish views over the daily time frame chart.

Technical indicators suggest the downtrend momentum of the DOGE crypto price. The relative strength index (RSI) showcases the downtrend momentum of Dogecoin crypto. RSI was at 40.49 and is heading towards the neutral to be oversold.

MACD exhibits the neutral trend of DOGE crypto price. The MACD line is below the signal line after a negative crossover. Investors in DOGE crypto need to wait for any directional change over the daily time frame chart.

Summary

The daily time frame chart of the Dogecoin cryptocurrency shows a neutral trend according to the DOGE price projection from the upper level. In order for DOGE cryptocurrency to rebound and reach the upper levels, it needs buyers. Technical indications point to the price of DOGE cryptocurrency being in a neutral trend as of now. Investors in injective cryptocurrency must watch the daily time frame chart for any directional changes.

Technical Levels

Support Levels: $0.0566 and $0.0510.

Resistance Levels: $0.0594 and $0.0622.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions