Dogecoin Price Forecast: Robinhood and DOGE, Path to $0.08?

• 1 Dogecoin’s price is currently trading at $0.0639 with a drop of 0.63% in the last 24 hours with a current market cap of $8.999 Billion.
• 2 Dogecoin price has been consolidating inside the horizontal price range of $0.0500 and $0.0800 over the daily time frame chart.

The Dogecoin price is in a state of uncertainty, as neither the bears nor the bulls have a clear advantage. Investors may want to wait for more confirmation from various technical indicators before deciding on the trend direction. The volume of the green candles has increased slightly, indicating that some buyers are interested in the DOGE price at the current level.

Latest Update: Robinhood and Dogecoin

Robinhood Wallet increased its offerings to popular cryptocurrencies like Dogecoin, Bitcoin, and Ethereum. The strategy successfully enticed thousands of new users across 140 countries. The platform also gives new updates concerning the sending and receiving of Dogecoin and other currencies. Moreover, Robinhood Wallet’s jump into the sector of decentralized finance (DeFi) will done with the help of the Ethereum network. Nevertheless, in the beginning, users can merely swap 200 tokens. 

What Does Price Action Say About DOGE?

The market sentiment for the Dogecoin price is not very positive at the moment, and it may remain so until the buyers show more strength and momentum. However, based on the technical indicators and price action, the chances are in favor of the bulls.

The Dogecoin price needs to attract more buyers to rise towards the upper boundary of the consolidation phase on the daily chart. The Dogecoin price is also trying to find support and move towards the 20, 50, 100, and 200-day daily moving averages. The Dogecoin price has been trading within a horizontal range of $0.0500 and $0.0800.

Nevertheless, the Dogecoin price has gained about +0.95% in a week but lost -18.29% in a month. The DOGE price also fell by -12.23% in the last three months and -14.11% in the last six months. Nevertheless, analysts believe that the DOGE price could bounce back from the lower levels.

Dogecoin  Price Has Been Consolidating Inside the Price Range

Dogecoin price must initiate its recovery rally to reach the upper threshold of the consolidation phase. However, Dogecoin needs to accumulate buyers in order to surge towards its recovery phase. Meanwhile, the Dogecoin price has slipped below the 20, 50, 100, and 200-day Daily Moving Average.

Moreover, Dogecoin must register its breakout from the consolidation phase over the daily time frame chart. Dogecoin’s price has lost -18.54% in a month. Technical indicators suggest the consolidation phase of the Dogecoin price. Relative strength index (RSI) showcases the sideways momentum of Dogecoin. RSI was at 40.67 and is heading towards the oversold territory. 

MACD exhibits the consolidation phase of the Dogecoin price. The MACD line is flat above the signal line waiting for any type of crossover. Investors in Dogecoin need to wait for any directional change over the daily time frame chart.

Summary

Technical indicators point to a period of price consolidation for DOGE. Investors in Dogecoin must watch the daily time frame chart for any directional changes. However, investors and traders should wait for a proper setup before the next move and avoid FOMO.

Technical Levels

• Support Levels: The most immediate support levels for the Dogecoin price are $0.0535 and $0.0436.

• Resistance Levels: The most immediate resistance levels for the DOGE  price are $0.0760 and $0.0886.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading involve risk. Please assess your situation and risk tolerance before making any investment decisions.