Dogecoin Price Prediction: Will DOGE be Back Inside the Range?

• 1 Dogecoin price slipped from the horizontal range-bound area over the daily time frame chart.
• 2 DOGE crypto is trading below 20, 50, 100 and 200-days daily moving average.
• 3 Dogecoin cryptocurrency declined around 17.44% year to date.

Dogecoin price prediction showcases the fall of DOGE crypto below the consolidation phase over the daily time frame chart. DOGE crypto needs to accumulate buyers in order to bounce back inside the horizontal range-bound area. However, the accumulation rate of buyers is not up to the required amount and needs to grow during the intraday trading session. 

DOGE crypto price has been consolidating inside the horizontal range-bound area since 10th September over the daily time frame chart. DOGE cryptocurrency must attract buyers in order to regain its position inside the range-bound area. Meanwhile, Dogecoin cryptocurrency needs to break out of the primary resistance level that is the lower trendline of the consolidation phase to regain its position. 

Dogecoin price was at $0.05794 and gained slightly around 0.10% of its market capitalization during the day’s trading session. Trading volume has decreased by 9.51% during the intraday trading session. This demonstrates that sellers are still present in the trade to pull DOGE crypto downwards. Volume to market cap ratio was at 1.38%.

Analyzing Dogecoin Price Technical Indications

Dogecoin price prediction indicates the sustainability issues of DOGE crypto below the consolidation phase over the daily time frame chart. DOGE crypto needs to accumulate buyers in order to surge towards the lower price range of the range-bound area. However, volume change is below average and needs to grow during the day’s trading session. Meanwhile, DOGE crypto is trading below 20, 50, 100 and 200-days daily moving averages.

Dogecoin cryptocurrency has declined by 4.77% in a week and 4.80% in a month. Moreover, DOGE crypto slumped around 15.39% in the last three months and 34.83% in the last six months. In addition, Dogecoin price dipped around 17.44% year to date. This shows that DOGE crypto price has been slipping from the start of the year. 

Technical indicators highlight the struggle of DOGE crypto below the consolidation phase. Relative strength index (RSI) shows that DOGE is about to be oversold at any moment. RSI was at 31 and is hovering above the oversold territory. Investors in Dogecoin cryptocurrency need to wait until DOGE crypto breaks out of the lower price range of the consolidation phase. 

Summary

Dogecoin price prediction showcases the fall of DOGE crypto below the consolidation phase over the daily time frame chart. DOGE crypto price has been consolidating inside the horizontal range-bound area since 10th September over the daily time frame chart. DOGE crypto needs to accumulate buyers in order to surge towards the lower price range of the range-bound area. In addition, Dogecoin price dipped around 17.44% year to date. Technical indicators suggest the struggle of DOGE crypto below the consolidation phase. 

Technical Levels

Support Levels: $0.05735 and $0.05695

Resistance Levels: $0.05930 and $0.06170

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.