On May 8th, the Dogecoin (DOGE) price witnessed a whole lot of sell-off and printed a long red candle in the daily chart. After this bear attack, the price tendency turned sideways and remained within the range of the aforementioned daily candle. With the increasing uncertainty in the cryptocurrency market, the consolidation phase was prolonged for quite several days, but the credibility of this range remains intact and could significantly impact the near future price of DOGE.
Dogecoin (DOGE) Price Daily Chart
- The narrow price range available betwixt $0.0771 and $0.0698 can be marked as no trading zone.
- A breakout from the aforementioned range is required to kickstart a sustained rally
- The 24-hour volume of trading in the Dogecoin (DOGE) coin is $213.5 Million, indicating a 54 percent gain.
Source-Tradingview
By the press time, Dogecoin (DOGE) price traded at $0.0729, with an intraday gain of 1.08%. The daily chart persists to show plenty of short-body candles which indicate there is no clear dominant force in the market.
If the cryptocurrency market persists to face indecisiveness between market participants, this memecoin will extend the sideways tendency for several more trading days.
Anyhow, the high($0.0771) and low($0.0698) of the May 8th daily candle acts as critical resistance and support respectively, creating a narrow range in the daily chart. Interested traders must wait for a clear breakout from either of the aforementioned levels to determine the capacity tendency in the Dogecoin (DOGE) price.
A positive tendency breakout over the $0.077 resistance will increase the buying pressure and drive the Dogecoin (DOGE) price 5 percent higher to hit $0.0815, followed by $0.09.
Conversely, a breakdown below $0.0698 support will prolong the prevailing downfall to the $0.06 mark.
Dogecoin (DOGE) Technical Analysis
- Super Trend: The red area projection in this indicator reflects the market tendency remains bearish, suggesting a higher likelihood of a downside breakdown.
- Vortex Indicator: the VI-(red) and VI+(blue) slope narrowing close after a bearish crossover signifies the selling momentum is weakening.
Will Dogecoin (DOGE) Price Plummet to $0.06?
The Dogecoin (DOGE) price will continue its lateral walk until the range betwixt $0.0771 and $0.0698 is intact. For a potential downfall to $0.06, the coin price needs a breakdown below $0.0698 with a daily candle closing which will offer sellers additional resistance to pressurize buyers.
