Dogecoin price analysis: DOGE facing strong resistance at $0.20 after sharp drop

The price of Dogecoin is facing strong resistance at $0.20 after the coin fell sharply from its recent high at $0.30, which is just below its all-time high of $0.34.

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Dogecoin (DOGE) is a cryptocurrency based on the bitcoin core. It was created in December 2013 with the idea of fun and a way to reach out to the internet community. The coin was originally called DogeCoinDark but was changed to DogeCoin in 2015. It was created as a joke and has become a popular crypto. The current price of Dogecoin is $0.20. The coin has a market cap of $95.78 million and is ranked 3rd in the cryptocurrency market.

We saw DOGE break $0.20 yesterday in a massive rally. This was probably the largest decline from the $0.2125 high in the month of December. It was a similar story in January, when the currency rose from $0.15 to $0.20. The DOGE/USD pair is currently testing a strong level of resistance, which could be tested again if the price moves below the $0.19 support level. The support level is also the recent low, which means that the downtrend could be beginning to show signs of reversing.. Read more about what will dogecoin be worth in 2025 and let us know what you think.

TL;DR Summary

  • Above $0.190, the price of Dogecoin is encountering severe resistance.
  • With the market’s collapse earlier today, there was a significant decrease in pricing.
  • The $0.195 level provides solid support.

Despite numerous attempts to rebound over the $0.20 level, the Dogecoin price indicates that the cryptocurrency is entering a negative trend. The cryptocurrency attempted at least three times in the last 24 hours to break over the $0.198 resistance level, but failed. The price of DOGE/USD is heavily negative, with occasional bursts of bullish retracements attempting to reach and hold a new high above $0.195.

Analysis of the Dogecoin price: The 4-hour chart indicates solid support for DOGE.

On the 4-hours chart, Dogecoin price offers good support, but the Bollinger band for the cryptocurrency suggests heightened volatility. The Bollinger band indicates that the bitcoin has averaged out near the $0.205 strong resistance level.

The moving average, on the other hand, indicates a solid resistance around $0.200. The Bollinger Band’s upper end is at $0.215, while the lower end is at $0.194.

Price chart for DOGE/USD for the last four hours. Trading View is the source of this information.

One of the most significant indicators is the relative strength index (RSI), and Dogecoin now has an RSI score of 37.4, which is slightly below the cryptocurrency’s overbought level.

The 1-day chart of Dogecoin indicates a negative trend.

For the previous three days, the 1-day candlestick chart of Dogecoin has shown a negative trend, and today’s pattern is not much different. Bolliger’s band is exhibiting strong resistance at $0.197 on the 1-day chart. The upper Bollinger Band’s value is now $0.218. The lower Bollinger’s value is now $0.17. On the 1-day candlestick chart, however, the cryptocurrency’s volatility is decreasing, which is a positive sign for bullish momentum.

Dogecoin price analysis: DOGE facing strong resistance at $0.20 after sharp drop 21 day pricing chart for DOGE/USD. Trading View is the source of this information.

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On a one-day chart, the RSI score is 43.21, moving away from overbought territory and closer to neutral territory. The moving average for the Dogecoin price, on the other hand, is indicating a high resistance value at $0.20.

Dogecoin price analysis: DOGE facing strong resistance at $0.20 after sharp drop 3Chart of technical indicators for the DOGE/USD pair. Trading View is the source of this information.

Only four indications are on the purchasing side of the 26 overall indicators. About 13 are on the selling side, nine are neutral, and only four are on the buying side. Eleven of the 15 moving average indicators are in the selling position, one is neutral, and three are in the purchasing position.

While eight of the 11 oscillators are in the neutral position, two are in the selling position, and just one is in the purchasing position. This is perhaps why the RSI score is in the overbought region, as traders must be attempting to sell while others attempt to purchase.

Conclusion

To sum up the Dogecoin price analysis, the 4-hours and 1-day charts indicate a potential retracement towards the $0.197 barrier, while the 1-day chart, despite bearish candlesticks, has a higher RSI score in favor of the cryptocurrency.

The coin is highly likely to manage and retrace over the $0.198 barrier if it holds the present support level at $0.195. If the cryptocurrency fails to hold its present support, it may drop to new lows.

Disclaimer: The material on this website is not intended to be trading advice, and.com assumes no responsibility for any investments made as a result of the information on this page. Before making any financial choices, we highly advise doing independent research and/or consulting with a competent expert.

Just days after the Dogecoin community had celebrated the very first successful Dogecoin mining, the Dogecoin price took a severe tumble. The cryptocurrency has since reversed to regain most of the lost ground. Nonetheless, the Dogecoin price remains below its all-time high, and it’s currently facing strong resistance at $0.20.. Read more about dogecoin in 2060 and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • dogecoin price usd
  • dogecoin price prediction 2019
  • what will dogecoin be worth in 2025
  • will dogecoin reach $2
  • xrp price prediction 2030

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