A steady dollar amid a volatile market kept the global crypto market quiet on Monday. BTC fell nearly 2%, while ETH lost 1.89%.
Dogecoin (DOGE) price is bearish for the day. The price extends the previous week’s consolidation. DOGE’s price is currently trading in the range of $0.85 and $0.92. The 24-hour trading volume of the ninth-largest coin is up by 58% to $623,991,154.
The buying pressure could be sensed as the trading volume is increasing day by day. The token faces strong resistance near the high of $0.92. On the daily chart, the descending trend line from the high of $00 acts as the strong upside barricade for the bulls. However, the bulls breached the bearish trend line on Friday and keep oscillating in a narrow range since then.
Further, the 21-day moving average provides immediate support at $0.84. The recent sluggishness in the price is induced by the supply near the higher level, as indicated by the Relative Strength Index (RSI), which retreated from the high of 67. This is often a sign of trend reversal that could result in a price correction as per the recent price changes.
In the 4-hour time frame, the extended consolidation can be seen in the price from January 12 with a price band of $0.78 and $0.92.
The price tested the ascending trend line for the third time. If the price managed to trade above $0.90 in the smaller time frame then it’s indicative of the underlying bullish sentiment. Further, additional buying pressure could breach the resistance zone, and the price could start a fresh buying rally.
If that happens, the first upside target would be a $0.10 psychological level, and the next will be the high of December 5 at $0.11. On the other hand, a breach below the 21-day EMA would strengthen the bear’s positions toward $0.78 in the short term.