- DOGE/USD pair will more likely continue to range in between the $0.0025 and $0.0035
- Dogecoin (DOGE) price tested the upper price range on three occasions but got resisted
- The upper price range has formed a strong resistance after the bulls’ retest
DOGE Current Statistics
The current price: $0.0028
Market Capitalization: $348,522,530
Trading Volume: $19,531,436
Major supply zones: $0.0040, $0.0045, $0.0050
Major demand zones: $0.0020, $0.0015, $0.0010
Dogecoin Price Analysis August 11, 2019
The DOGE/USD pair reached a high of $0.0036 price level and formed an overhead resistance. On April 5, the market fell to the low of $0.0025 and commenced a range bound move above the meager price range. At the lower price range, the bulls made an upward move to retest the upper price range.
The price of Dogecoin is now fluctuating between the levels of $0.0025 and $0.0035. At the upper price range, the market tested the high price on four occasions but could not break the overhead resistance. Instead, the market fell to the low of $0.0027 and commenced a range bound move above it.
DOGE Chart Indicators Reading
The 12-day and 26-day EMA are indicating that Dogecoin price is fluctuating within the range-bound zone as both are sloping horizontally. The MACD line and the signal line are below the zero line indicating a bearish signal.
The upper price range is the horizontal line at $0.0035, which had been the overhead resistance in the last four months. The lower price range is the horizontal line at $0.0025, which had been the support level.
General Outlook for Dogecoin (DOGE)
The price of Dogecoin is more likely to continue its range bound move until the price encounters a bullish or bearish breakout. A breakout at the $0.0035 price level will be powerful because the bulls had been resisted on four occasions.
A bullish break out at the $0.0035 price level will result in a price rally. Meanwhile, the price action and the indicators are showing that the market might fall to the lower price range. If it does, Dogecoin will resume its upward move to retest the previous high.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.