Dogecoin Price Hints Massive Price Correction! Is It A Crucial Time To Hold DOGE Memecoin?

reportcryptos.com
3 Min Read

The crypto industry continues to display significant volatility in its valuation, highlighting a massive price action in the market. On the other hand, the Memecoin category traded under a strong bearish influence with the DOGE price recording a correction of over 8% over the past week.

The Memecoin leader, Dogecoin price traded in a closed range between $0.09366 and $0.09848 for a while, following which the bulls lost momentum and recorded a breakdown in the price.

After this, the DOGE coin price traded in a closed range between $0.08931 and $0.09366 for over two weeks.

Dogecoin Price Analysis
TradingView: DOGE/USDT

The bulls made multiple attempts to hold the price above the support level of $0.08931, but the bears overpowered the bulls, resulting in the price recording a correction of approximately 15% in its valuation.

After this, the price traded sideways in a range between $0.07981 and $0.08416 for a while. As the market experienced a correction, the Doge coin price experienced another correction of 5%.

Since then, the price has been constantly trading in a consolidated range between $0.07597 and $0.07981, indicating a neutral trend in the market.

Will The DOGE Price Hit $0.01 Soon?

The technical indicator, MACD, displays a steady decline in the green histogram, suggesting a decrease in the buying pressure for the coin. Further, the averages show a high possibility of a bearish convergence, highlighting a bear power in the industry.

If the bulls push the price above the resistance level of $0.07981, the DOGE price will regain momentum and prepare to test its upper resistance level of $0.08416. Maintaining the price at that level will set the stage for Dogecoin to attempt to test its key resistance level at $0.08931 in the coming time.

Negatively, if the market fails to regain momentum, the price will fall and test its support level of $0.07597 soon. Moreover, if the bears continue to dominate the market, the DOGE price will plunge and prepare to test its lower support level of $0.07168 by the week ahead.

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