Is Dogecoin Dead? When Will DOGE Price Blast Out of Consolidation?

Dogecoin price analysis

During the early Asian trading hours, The broader cryptocurrency market has seen recovering from recent losses. Bitcoin and Ethereum are showing signs of a rebound while Cardano price is still consolidating within $2.5.

Major players include AVAX, IOTA, and Solana price recording more than 10% gains. Coming to meme coins SHIB Price rallied more than 40% following the coinbase listing whereas DOGE Price remained mostly flat for quite a long time. 

DOGE Price Deals with Solid Barriers 

DOGE Price is continuing to Trade sideways. At the time of writing, the meme coin is trading at $0.2443 with a more than 4% drop. From the Past few days, the market volatility has been extremely low with DOGE price consolidating with the $0.2400 – $0.2600 level. 

During the past 48 hours, the meme coin price rose from $0.2329 to $0.2599 and further got rejected at the level causing further consolidation.

Trading view 

If the DOGE price continues to be bearish suggesting a fall to the $0.2400 mark with a potential downwards breakout to the $0.2200 mark. 

Major technical indicators have a negative outlook on the Dogecoin price action suggesting a bearish market in the short term. In case the bearish thesis does hold true, then the support for Dogecoin would be at $0.240 and then at its month-low of $0.213.

Also Read : Shiba Inu Price Racing Ahead Of The Market, Primed To Clinch Massive Gains

If the RSI drops much lower without the $0.235 support being invalidated then we can expect a reversal trend starting a new uptrend that won’t see major obstacles until it hits the $0.297 level.

If the current resistance were to be invalidated, it could result in Dogecoin going to freefall until it hits a floor at $0.16. DOGE price might enter bearish sentiments if this support were to be breached signaling new lows and setting the idea in stone that DOGE is in a downtrend.

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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