Dogecoin is trading moderately bearish as compared to the other major coins of the crypto market. Also, DOGE is expected to have a slight concurrent movement with Bitcoin. However, BTC has slid below $7,000 and is expected to decline even further and face support at $6,200. If $6,200 turns out to be inactive support, DOGE/USD can plunge as low as $6,000 as well.
Dogecoin Price Analysis
Analyzing the 7-day movement of DOGE/USD on HitBTC, we see that the coin has traded stably to a major extent in the said timeframe. However, yesterday the red inverse candle took the Dogecoin price to $0.00205. The major catch here is that even though the coin is seemed to have a stable movement, it had a slightly declining trend line forming throughout. The price trend has been below 200-day MA for a long time now and gains slight support from the 49-day or 21-day MA around $0.0021 price area.
With this, Dogecoin price can face support around $0.00201 if it falls even further as the whole crypto market is dooming irresistibly.
Technical Indicators
The technical indicators confirm the moderate volatility throughout the said time period, as the MACD line runs below zero and holds a slight bullish crossover as the MACD line cuts the signal line from below.
The RSI of Dogecoin is at 43.17 and is seen rising away from the oversold support, giving signs of positive movement.
