According to the daily chart, DOGE/USD is yet to display a significant bullish move as the market continues to follow sideways.
Resistance levels: $0.30, $0.35, 0.40
Support levels: $0.15, $0.10, $0.05
DOGE/USD remained indifferent as the last few days were extremely bearish but the price falls from $0.22 to $0.21. The daily price has been trending below the 9-day and 21-day moving averages as the trading volume fades out completely. Meanwhile, as DOGE/USD remains in an unstable market, it is likely for the coin to set another lower below the current level and move to $0.18 support.
Dogecoin Price Analysis: A Bearish Momentum May Likely Play Out
The daily chart reveals that the Doge price remains intact within the descending channel. However, for an upsurge to play out, DOGE/USD needs to cross above the upper boundary of the channel which may likely push the price to the nearest resistance levels at $0.30, $0.35, and $0.40 before we can consider additional levels for the trade.
On the contrary, a down surge could bring the market to $0.15, $0.10, and $0.05 supports after a possible break towards the lower boundary of the channel. Meanwhile, the Relative Strength Index (14) is seen moving sideways below the 40-level, showing an indecisive movement.
DOGE/BTC Market: The Price Remains at the Downside
When compares with Bitcoin, the Doge price is currently changing hands at 632 SAT and if the bulls can hold the price and push it above the 9-day and 21-day moving averages, the next key target price lies at 700 SAT. Reaching this level could move the coin to the 750 SAT and above. However, the Relative Strength Index (14) remains below 40-level and it may likely give some possible bearish signals if crosses into the oversold region.
In other words, if the bulls fail to push the price to the upside, the market may continue its downtrend. Moreover, the Doge price is likely to see a sharp drop towards the lower boundary of the channel. Breaking this barrier could bring the market further to the next support level at 500 SAT and below.