After the slight setback in the cryptocurrency market in the past couple of days where most coins experienced a downward price spiral, respite has arrived for some of the tokens, which saw the market rally back.
At present, two pairs of tokens, DOGE and USD, are attempting to break even past the resistance level set at $0.1627 for quite some time. Any breakthrough against the resistant stage would set the stage for enormous gains targeting the price range of $0.18 to $0.25, considered the retracement stage.
Moreover, should a break past the resistance mark occur, it will be seen as a period of market consolidation that could lead to bullish market forces driving the price to $0.18 before any added gain recorded might see the price reach the $0.25 target level.
Currently, the value of Dogecoin is on par with that of the USD, with both trading in the region of $0.128451. The USD had achieved a relative increase at $0.1306 before dropping to its current value with the DOGE.
According to analysts from Cryptopolitan, the prediction is that the currency might find itself trading at $0.13 the next day, moving a bit higher from its current trading price. But predicting a trading price of $0.14 is a far cry and may prove difficult to attain.
Latest Happenings On DOGE/USD Price Analysis
Looking at the latest relative strength index (RSI) indicator provided by TradingView, the RSI points to 40 after a peak of 60. The analysis indicates that bears are consistently exerting their influence on the movement of the day’s market.
According to the RSI review, the pair (DOGE/USD) might further face another fall unless the resistance level of $0.1620 is breached in the days to come. Bulls are in control of the market, and a lot is required from them to maintain their dominance and push the price further up to the $0.18 to $0.20 level in the coming weeks.
(DOGE/USD price chart. Source: TradingView)
The RSI indicator revealed another angle to the downward spiral, noting that the pair will likely continue their slump in the next couple of days to come and may drop below the bottom mark of $0.11 should the present trend continue.
24 Hours Price Review For Dogecoin
The previous analysis indicates how both the bulls and bears are grappling with having control of the market forces. The move saw the pair hanging by the $0.1620 level with a bearish force waiting to take over and, at the same time, a bullish move waiting for its turn. But it turns out that the bears got the upper hand after the price dipped below its current level of $0.1244 in the past 24 hours.
The prediction for today is that Dogecoin will experience a bearish trend unless a slight change in the direction of the price happens. Nonetheless, the price may likely turn bullish in the next 24 hours, and the pair may find price support.