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The cryptocurrency market is shedding value as Bitcoin and Altcoins remain in red during Tuesday trading. Dogecoin succumbed to the selling pressure, trading to lows of $0.295 before slightly rebounding. At the time of writing, DOGE was trading at $0.3336, down 6.94% in the last 24 hours and 3.33% weekly. Ranking 6th largest, Dogecoin market capitalization sits at $42.79 billion and $4.46 billion in traded volume over 24 hours. Dogecoin becomes the 30th crypto to be made available on Revolut’s platform. The U.K.-based digital banking service decided to add Dogecoin (DOGE) to its crypto offering in response to widespread demand from its users. The inclusion of Dogecoin to Revolut’s crypto offering remains a bullish one as increasing demand may lead up to a positive boost for Dogecoin’s price.
Key Levels
Resistance levels: $0.4500, $0.4000, $0.3500
Support Levels: $0.2955, $0.2500, $.1950
DOGE/USD Daily Chart: Ranging
DOGE/USD Daily Chart
Dogecoin is consolidating above fresh intraday lows of $0.295, posted after a price drop on Tuesday. Fresh bears (from today’s selloff) are taking a breather, as investors buy a part of the drawdown. Dogecoin however remains inside a large price range, following last week’s false breakout under the $0.46 level. The short-term technical structure suggests that of possible consolidation as RSI remains slightly below the 50 neutral marks.
DOGE could climb higher if it breaks the MA 50 barrier at $0.395. Beyond here, another successful break above the $0.463 barrier could set the pace for a larger increase towards the $0.60 level and May’s all-time highs of $0.76. If not, there is a risk of a fresh decline towards the $0.279 support. The next major support is near the $0.24 level, below which the DOGE/USD pair could test $0.19 and the $0.13 support levels.
DOGE/USD 4-Hour Chart: Ranging
DOGE/USD 4-Hour Chart
DOGE found footing at the $0.295 level during Tuesday’s price drop while returning to trade below the MA 50 ($0.368). This follows after a downside break of the foundation of a trading range that commenced at the start of June. DOGE price had entered a range shortly after reaching all-time highs of $0.76 on May 8. Should buyers’ foothold be adequate, initial resistance may originate from the MA 50 at $0.368 and the $0.396 (previous support-now-resistance).
Moving higher, if the MA 200 at $0.418 fails to halt the climb, DOGE could be challenged by the barrier of the $0.592 level ahead of the all-time highs at $0.76. On the downside, immediate support may occur at the $0.28 level ahead of the $0.24 support. If selling interest persists, the DOGE/USD pair could rest at the May 19 trough of $0.21. Overall, DOGE/USD is likely to rise further if it breaks above its moving averages.
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