Table of ContentsToggle
- Dogecoin price closed the previous day’s trade at INR 5.42 with a market capitalization of INR 714.32 billion and a circulating supply of 132.67 billion DOGE
- DOGE price after undergoing a steep descending trend for a long time is attempting for a rebound but could be restricted below INR 6 for some more time
Check out the Latest DOGE Price, Charts, and Data
Technical Analysis for July 2022
Technical Analysis at a Glance
|The DOGE price is expected to continue trading within range-bound levels, including minor upswings and downswings
|The buying pressure has eased a bit and hence the possibility of a minor pullback below INR 5 emerges
|Dogecoin is trading within a huge bearish trend and hence carries fewer possibilities of a rebound
Impact of Crypto Crash on DOGE Price
It would not be wrong to say that the 2021 crypto crash was ignited by the DOGE price crash just before the SNL event in May 2021. Since then the asset has been shedding its value at the maximum. The recent crypto crash that began with the LUNA crash has dragged the price by more than 50%. Later a couple of negative rounds in June dropped the price by another 37%. Currently, the price is attempting to rebound, but the bear market sentiments may restrict the price below the crucial levels.
Read more about the Reason of Crypto Crash
Technical Indicators & Pivot Levels
|Relative Strength Index(RSI)
|52.9 / 33.69
|Neutral / Sell
|-0.016 / -2.4
|Sell / Sell
|Average Directional Index(ADX)
|23.04 / 20.65
|Neutral / Neutral
|44.11 / 34.87
|Sell / Sell
|0.07 / -2.7
|Buy / Sell
The DOGE price is somewhat bullish in the short term as RSI is surging while the strength of the rally is neutral. As the volatility is less, the price is expected to flow along the induced volume without any sudden price action while bulls maintain their dominance.
On the other hand, in the higher time frame, the asset is extremely bearish as most of the indicators point out a sell signal. RSI is dropping while MACD displays a mounting of extreme selling pressure. Therefore, the asset may find new lows in the coming days.
Additional Read: DOGE vs SHIB: Comparative Analysis
Dogecoin Technical Analysis for Short Term
- Dogecoin’s price after the recent flip is been surging within an ascending triangle and is yet to reach the apex
- Therefore, the price is expected to maintain an ascending consolidation until the weekend and attempt for a breakout
- After a breakout from these regions, the asset may reach INR 6.5 and could face a minor pullback but may sustain above INR 6
- This move may further induce a significant bullish momentum that may validate a notable uptrend ahead
Also Read: Top 10 Crypto to Invest
Dogecoin Technical Analysis for Long-Term
- The DOGE price in the long term appears to be stuck within a huge bearish trap that may compel the price to discover new lows
- The descending triangle is been maintained ever since the asset marked its highs, a year before in May 2021
- After shedding more than 90% of its gains, the price is approaching the apex which indicates a breakdown may be fast approaching
- However, the breakdown could induce a catapult action that may, in turn, push the price close to INR 10 in the upcoming fortnight or by the end of the monthly trade.
Where & How to Buy Dogecoin(DOGE)?
Buying or selling Dogecoin (DOGE) is extremely simple and safe here, on CoinDCX. You need to just download the CoinDCX App on your smartphone and register yourself by providing the required data. Once your profile is verified, fund your wallet and buy DOGE.
Investing in DOGE or any of your desired assets is not a tedious job anymore. With CoinDCX’s Crypto SIP one can invest in easy weekly installments. Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!
Is Dogecoin bullish or Bearish?
Dogecoin price is bullish in the short-term, while bearish in the long term. Therefore, one can expect a short-term bounce towards the immediate resistance followed by a pullback.
What is the current RSI for DOGE?
The RSI for DOGE in the short term is 52.9 and for the long term is 33.69.
Is it a good time to buy Dogecoin?
The crypto markets are trending within a deep descending trend along with DOGE that could rebound on hitting the lowermost support. Therefore, it may offer good returns but is also considered one of the high-risk assets.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
Key Takeaways: After trading under the bearish influence, Bitcoin price…
Learning about technical analysis and indicators have not been easier before!