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Dogecoin, which was previously trading amongst the top 30 of the global crypto market, is now dropped to be trading amongst the 45 cryptocurrencies. At the time of penning down this analysis, DOGE/USD was seen trading below $0.0030 at $0.00267 after a gradual pullback from $0.002909 over the past two days.
Dogecoin is believed to have a concurrent momentum with Bitcoin but just when the latter is seen trading below the stringent resistance to marking a fresh YTD high above $14k, while the coin lacks steady momentum against the greenback.
However, with an intermittent dip, Dogecoin is back to trading with a flattish trend and got along with the previous month’s price trend. At the onset of the last quarter, when DOGE/USD was seen hitting a fresh YTD high around $0.0055, only to hit the lowest at $0.0025 thereafter, in the same quarter. As far as the current trading price is concerned, the Dogecoin price has plummeted by over 50% in less than a quarter.
Dogecoin Price Analysis
At the time of writing, the coin was seen as having a narrow trading range with a flattish price movement recorded against the US Dollar. After hitting a fresh YTD high, Dogecoin tested supports as low as $0.0025 in the past 30 days from now. The pullback of the coin’s price was strong enough that in this regard, the price is failing to hold support from the 200-day daily MA as it trades slightly below $0.0027.
However, Dogecoin is continuing to hold support from 50-day daily MA around the current trading price marked at $0.00267. The Bollinger Bands are seen squeezing on the daily chart, and therefore, we expect a brief breakout in the near-term.
Emphasizing on the 5-hourly chart of DOGE/USD, we see that the coin is just maintaining a flattish trend with an intermittent rise seen around $0.0029 in the past two days. However, unlike the 20-day Bollinger Band laid on the daily chart, the same financial indicator is not seen drawing any extremities on the above 5-hourly chart.
On the other hand, the price drop in the past two months is clearly reflecting a bearish divergence on the MACD 5-hourly chart. The RSI of Dogecoin is lying at 51.33 with no inclination towards an overbought or oversold region.
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