During the early Asian trading hours, the broader cryptocurrency market was going through a healthy correction. Currently, Bitcoin and Ethereum are showing signs of recovery while Cardano price is still below $2.3.
Among the major players, AXS and LUNA record over 10% gains. SHIB price on meme coins is up more than 14% while DOGE price has been mostly flat for a long time.
DOGE PRICE DEALS WITH HARD BARRIERS
DOGE price continues to trade sideways. At the time of writing, the meme coin is trading at $0.2443, down more than 4%. From the past few days, market volatility has been very low as DOGE price has consolidated with the $0.2400-$0.2600 level.
During the past 48 hours, the price of the meme coin rose from $0.2329 to $0.2599 and was also rejected at the level causing further consolidation.
If the DOGE price continues lower indicating a drop to the $0.2400 mark with a possible bearish breakout to the $0.2200 mark.
Major technical indicators have a negative outlook on Dogecoin price action which indicates a bearish market in the short term. If the bearish hypothesis is correct, support for Dogecoin will be at $0.240 and then the monthly low at $0.213.
Read also: Shiba Inu price race ahead of the market, poised for massive gains
If the RSI drops significantly below the $0.235 support, we can expect a reversal trend that will start a new bullish trend that will not see significant obstacles until it reaches the $0.297 level.
If the current resistance is nullified, it could cause Dogecoin to fall freely until it reaches the floor at $0.16. DOGE price may enter downtrends if this support is breached indicating new lows and establishing the notion that DOGE is in a downtrend.
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risks, so you should always do your own research before making decisions. We do not recommend investing money that you cannot afford to lose.
