DOGE Price Analysis – May 29
DOGE is trading downwards, just like any other altcoins in the crypto market. Within the past few days, the coin has experienced a fall from $0.38 to $0.27 trading price area.
Resistance levels: $0.45, $0.50, $0.55
Support levels: $0.15, $0.10, $0.05
DOGE/USD has resumed back in the middle of consolidation as the coin drops to near $0.25. The DOGE price is now roaming around the $0.29 level. If the market continues the down-surge and squeeze, the, $0.25 is likely to surface in the next few negative moves. Meanwhile, DOGE/USD pair might further look for lower price levels if the bears continue to show commitment.
What to Expect From DOGE/USD
The DOGE market is currently following the downward trend as the technical indicator Relative Strength Index (14) moves below 45-level. Taking a look at the daily chart, we can see the trading volume is becoming low. Therefore, if the DOGE price continues to stay under the control of bears, it may likely roll back to previous supports at $0.15, $0.10, and $0.05 levels. On the upside, any bullish movement above the 9-day and 21-day moving averages could hit the potential resistance levels at $0.45, $0.50, and $0.55.
DOGE/BTC Market: Consolidating to the Downside
Looking at the daily chart, DOGE/BTC is range-bound. The price formed a downward trend below the 9-day and 21-day moving averages. It is at the lower support line of the channel consolidating. The bears may drag the price below the lower boundary of the channel and any further movement could take the coin to the support levels of 600 SAT and below.
However, looking at the current Relative Strength Index (14) as the signal line moves below 50-level, it appears that bears are still putting pressure on the bulls. Therefore, if the bulls can regroup and halt the downward movement, The DOGE price may begin an uptrend and push the price to the resistance levels of 1150 SAT and above.