DOGE Price Analysis – December 29
DOGE/USD rises to $0.00209 and drops to $0.00196 in 24 hours. The coin could trade between $0.00196 and $0.00222 during the coming week.
Resistance levels: $0.00222, $0.00223, $0.00224
Support levels: $0.00185, $0.00180, $0.00175
The high volatility of the Dogecoin market over the past seven days seems to have stretched further. In the past 24 hours, DOGE/USD has deteriorated its condition and sought the first support at $0.00200. It may take longer than expected to experience solid growth.
Currently, Dogecoin hovers around $0.00199 and a correction above the 21-day moving average will pave the way for gains in the resistance levels of $0.0022, $0.0023, and $0.0024. On the downside, immediate support is $0.00195. It is important to note that $0.00190 is a key level of support.
Meanwhile, the main support levels are $0.00185, $0.00180, and $0.00175, but the RSI (14) is moving slowly above level 40, indicating a bearish movement.
Comparing with Bitcoin, the pair appears bearish on the daily chart with over one-month movement which is now reaching a tight range. The weekly short opening has caused Dogecoin’s price to collapse near the lower boundary of the channel. We may expect a bounce back to 29 SAT resistance. A further price push may set a bull-run for the token with 30 SAT and 31 SAT resistance levels.
Moreover, Dogecoin (DOGE) is currently indecisive. If the bear rally continues, we can expect a break-down to 26 SAT, 25 SAT, and 24 SAT support level. As it appeared now, the trading volume is still very low and the 27 SAT level is more likely to produce a rebound for the market. Regardless of the above, the price of Dogecoin is still looking bearish as the stochastic RSI indicator is moving out of the oversold zone.
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