Crypto investors rejoice after three days of gains but it might be a premature rally
Dogecoin price analysis remains neutral for the day. The price opened higher but the buyers could not sustain the gains and corrected toward $0.7150. However, in the past few hours, the price once again reclaimed the $0.072 mark. As of press time, DOGE/USD is reading at $0.072, down 1.50% for the day. The 24-hour trading volume is up 1.80% to $485,261,459 with a crypto rank of 9 as per market cap according to Coinmarketcap.
What’s up next in DOGE
On the one-hour chart, the price trades near the critical support zone as depicted by the ascending trend line.
After testing the low of $0.063, the DOGE price appreciated nearly 10% since March 11. The price picked up momentum after crossing the 21-day EMA along with the trend line. However, in today’s session, DOGE’s price broke below the mentioned moving average.
The Moving Average Convergence Divergence (MACD) momentum indicator bullish momentum is receding. Still, the oscillator trades above the midline.
A correction toward $0.071 is expected if the selling pressure sustains.
Doge price is in a short-term downtrend as can be seen on the above daily chart. The downtrend channel extends from the high of $0.098. Another bearish sign, the price trades below the 50-day EMA.
As per the price action, there is an immediate resistance placed around $0.075, which buyers find a challenging task. If the bulls managed to defend the intraday low level, the price could move toward the resistance mark.
On the lower side, the price could drop toward $0.070.
