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Price Review: Dogecoin Trading At A Middle Ground Above $0.128 Support Level

The week’s price analysis for DOGE appears bearish following the price slumping by 6%, taking Dogecoin to as low as $0.1401 for the day, with the volume of trade moving up to 28 percent, indicating a somewhat bearish prospect for the meme cryptocurrency.

A breakout is possible for DOGE by 18% in surpassing the resistance level set at $0.163 before the weekend.

If DOGE can achieve a daily rate above the point, it could set the stage for an uptrend, driving the price of Dogecoin to as high as $0.194, resulting in profits from the trend.

Any improvement in the price of Dogecoin will result in an increased value and an increase in trading and daily transactions, leading to an enhanced market capitalization for sustained growth.

However, should the bearish trend persist and stay toward the support level of $0.128, the predicted bullish move would not be attainable.

Furthermore, the recent loss of value for the DOGE is a general market trend that has affected the entire cryptocurrency market, resulting in significant losses for the day. Notably, the losses saw Bitcoin drop 7% of its value to stay a little above $41,000, followed by Ethereum with an 8% drop in price, taking its value below $3,000 in a trade dominated by sellers. 

Due to a price decline, sellers far outweigh buyers in the trading period.

Ripple slumps in price by 6% for altcoins and trades at $0.78; next is Cardano, with 5% and a value of $0.13, Solana, 8%, and a price drop to $94.84. Lastly, Litecoin fell by 8 percent, dropping to $118.35.

Dogecoin Price Forecast

The last 24 hours saw the price of DOGE in a freefall, which saw it slip below the average mark of $0.143 in the course of trades for the day—dropping below 6% results in DOGE’s value coming down to as low as $0.1370 before gaining a quick recovery to move within the range of the rapid change at an average of $0.146. 

As soon as the zone is outpaced, the DOGE is expected to attempt to attain the resistant level at $0.163, wherein a further upward move by 18% would see the price shoot to $0.194.

As shown by TradingView, the analysis opened up the chance for buyers at the present state of things where the price is still at the demand zone of $0.1409, subject to change at any point. The market valuation of 43.72 has increased, aligning with the RSI (relative strength index). 

The moving average indicates a bearish downward spiral, sitting slightly above the neutral zone. Prices are expected to pick up before the end of the week, to start at the $0.163 resistance mark, and might be as high as $0.215 to close the week and cap off an incredible 32% increase.

Moreover, buyers could be hard hit by the failure to overstep the resistance level, resulting in a drop in price down to the support level of $0.129.

Dogecoin price analysis. Source: TradingView

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