DOGE price analysis: Bears going to set weekly inside candle, do you know about that

• DOGE price is attempting a recovery but it seems to be in a retracement mode below the conceptual round level of $0.10.
• Recently buyers found a rejection near the 20-day exponential moving average during a recovery on the daily price chart.
• The DOGE/BTC pair is trading at 0.000002735 Satoshis, which is slightly down by 1.03%.

The DOGE price appears to be on the mend, with higher-lows forming in the context of the hourly price chart. Meanwhile, buyers are just keeping prices above the previous 60-day low.

Dogecoin had a fantastic month in April, but everything came to a sudden end in May, with its valuation plunging more than 60% from the month’s tops. DOGE is currently facing a significant support of 7 cents. On the positive side, key barrier is around 11 cents, although this level appears to be a long way off.

Last week the bulls managed to break the bottom trend line, but again DOGE price followed the trend just above this horizontal support. Meanwhile, at the time of writing, the altcoin was trading at the $0.0813 mark.

SHIB is going to leave a sideways momentum message as the weekly price candle is going to close with neutral changes. Thus, the market cap is well above $10.7 billion according to CMC, with a slight decline of 0.7% over the past 24 hours. Moreover, the DOGE/BTC pair is trading at 0.000002735 Satoshis, which is slightly down by 1.03%.

Last night trading volume fell by 35%, indicating extremely low volatility. Therefore, buyers recently found a rejection near the 20-day exponential moving average during a recovery on the daily price chart.

Low volatility observed this week 

In terms of the daily price chart, the RSI indicator is showing sideways momentum despite a bearish trend after dipping into oversold territory. Similarly ADX started to move down, which suggests a side trend for DOGE.

conclusion

The weekly prize candle appears inside the candlestick pattern, so buyers should wait for the right time for a bullish opportunity.

Support level – $0.070 and $0.050

Resistance level – $0.10 and $0.12

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.