Global cryptomarket trades with modest recovery gains on Friday. Bitcoin was up 0.33%, while Ethereum gained 0.32%
Cryptomarket shows sluggish move on Friday amid a drop in risk-on market mood. As per Coinmarketcap, the overall market dropped nearly 3.69% to $1.02 trillion in early morning trade. At the time of writing some recovery is visible in the major cryptos. However, the sentiment still remains bearish.
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Dogecoin remains depressed near $0.08200
The Dogecoin (DOGE) price analysis remains neutral to bearish on the daily chart. The price has been trading in a “Rising Wedge” formation, a bearish technical formation. The pattern generated a sell signal after the price breached the lower trend line in the previous session. This also coincides with the break of the 21-day Exponential Moving Average (EMA) placed at $0.0885.
Bulls managed to take support near the horizontal support zone around $0.0785. As of writing, Dogecoin reads at $0.0820. The 24-hour trading volume rose to $749,454,883 with more than 26% gains according to Coinmarketcap.
The On-Balance Volume (OBV) indicator, shows signs of negative divergence since the price made highs inside the bearish channel. This is also confirmed by the momentum oscillator, RSI.
A daily close below the session’s low would entice more sellers. If that occurs, the price could breach the mentioned support zone, and in that case, the one-month low of around $0.0738 cannot be ruled out.
On the other hand, the emergence of buyers near the lower levels might drive prices toward the high of January 13 at $0.0853.
The formation of a Doji candlestick indicates indecision among investors. With negative momentum oscillators, the bias remains bearish.
