Dogecoin Price Analysis – June 17
Since a few days ago, Dogecoin is yet to display a significant bullish move as the market continues to follow sideways.
Resistance levels: $0.40, $0.45, 0.50
Support levels: $0.20, $0.15, $0.10
DOGE/USD remained indifferent as the last few days were extremely bearish, wherein the price fell from $0.44 to $0.29. Today, the price has gone up to $0.31 before dropping to $0.30. The daily price has been trending below the 9-day and 21-day moving averages as the trading volume fades out. Meanwhile, as DOGE/USD remains in an unstable market, a price surge is more likely to play out.
Dogecoin Price Analysis: A Price Surge Is Likely to Play Out
The daily chart reveals that the Doge price remains intact within the symmetric triangle. However, for an upsurge to play out, DOGE/USD needs to cross above the 9-day and 21-day MAs which may cause the coin to meet the nearest resistances at $0.40, $0.45, and $0.50 before we can consider additional levels for the trade.
Alternatively, a down surge could move the market to $0.20, $0.15, and $0.10 supports after a possible break below the lower boundary of the channel. Meanwhile, the Relative Strength Index (14) is seen moving sideways below the 45-level, showing an indecisive movement.
DOGE/BTC Market: The Price Faces the Downtrend
When compares with Bitcoin, Dogecoin is currently changing hands at 810 SAT and if the bulls can hold the price tight as it is and push it above the 9-day and 21-day moving averages, the next key target price lies at 950 SAT. Reaching this level could move the coin to the 1000 SAT and above. However, the Relative Strength Index (14) remains below 45-level and may likely give some possible bearish signals.
However, if the bulls fail to get the price to the nearest resistance, the market could continue its downtrend. Additionally, the Doge price is likely to see a sharp drop below the lower boundary of the channel. Breaking this barrier could push the market further to the next support levels at 600 SAT and below.