Key Takeaways
- The DOGE price closed the previous day’s trade at INR 11.34 with a market capitalization of INR 191.8 Cr and a circulating supply of 132.67B DOGE
- After a huge spike, the DOGE price rally faded with an equal plunge dragging the asset back to its initial levels
Dogecoin(DOGE) Technical – Analysis for Today: 07 April 2022
The DOGE price has firmly broken from the bearish, falling wedge and ignited a strong uptrend. However, the asset quickly plunged hard again within the same pattern and struggled very hard to re-ignite with the uptrend. However, the asset is experiencing a notable buying pressure which may prevent the price to re-enter the wedge. Adding to the substance, the asset also showcases the possibility of rejection when the asset tries to reach INR 12.
Dogecoin(DOGE) Technical Analysis at a Glance
DOGE price after a drastic fall in 2021 was expected to undergo a significant flip at the beginning of 2022. Woefully, the descending trend continued through Q1 2022 while each attempt of flipping the bearish trend went in vain. The asset underwent a drastic jump recently, which was extracted in no time since the early trading hours. Currently, the price is attempting to flip which may still go in vain and could hit the lower support at INR 10 also.
| Short-Term | The DOGE price appears to eased out the selling pressure as the traders have started to accumulate which may prevent further drain or almost consolidate for a while |
| Mid-Term | A significant amount of selling pressure has been mounted and hence the descending trend may continue for some more time may compel the price to hit the immediate support |
| Long-Term | The Dogecoin price is currently seeking to resume an uptrend with a decent amount of buying volume that has accumulated enough |
Technical Indicators & Pivot Levels
Technical Indicators
| Technical Indicators | Value(1Hr / 1D) | Action (1Hr / 1D) |
| Relative Strength Index(RSI) | 33.96 / 52.51 | Neutral / Neutral |
| MACD(12,26) | -0.004 / 0.006 | Sell / Buy |
| Average Directional Index(ADX) | 76.41 / 61.193 | Oversold / Buy |
| Bull-Bear Power | -0.0074 / 0.0001 | Sell / Buy |
Pivot Levels
| Pivot Levels | Short-Term | Long-term |
| Moving Average(MA)-50 | INR 11.77 | INR 9.80 |
| Moving Average(MA)-200 | INR 11.01 | INR 13.83 |
| Resistance | INR 13.78 | INR 24 |
| Support | INR 10.10 | INR 9.2 |
Oscillators
| Oscillators | Short-Term | Long-Term |
| Stochastic Oscillator | 22.74 | 36.98 |
| Ultimate Oscillator | 38.36 | 48.24 |
| Average True Range(ATR) | 0.0034 | 0.0128 |
| CCI | -116.78 | -8.62 |
DOGE price may be at the foothill of the upcoming uptrend as the asset is pretty bullish in both time frames. The main concern lies at RSI which is neutral in both time frames and hence indicates no particular trend. Moreover, the other indicators are either neutral or bearish, therefore, the price may consolidate for some time.
On the other hand, the long-term forecast is extremely bullish. Despite RSI being neutral all other indicators are extremely bullish. The current price is very close to 50-day & 200-day MA levels after which the resistance in STF may be tested. While the resistance in the long-term is very much distant and only an extreme bull run may assist the price to reach these levels.
Additional Read: DOGE vs SHIB: Comparative Analysis
DOGE/INR Technical-Analysis for Short-Term
Source: Tradingview
- The DOGE price after a couple of rejections at different resistance levels but a flip from the same support is on the verge to form a Head & Shoulder pattern
- The asset has completed a shoulder and head but could form another shoulder at the earliest
- The price flipped from the neckline at INR 11.16 and with rejection could again hit the same levels completing another shoulder
- However, with a bearish breakout, the price may slide down towards the lower support close to INR 10 but may ignite a significant flip above these levels
DOGE/INR Technical Analysis for Long-Term
Source: Tradingview
- The DOGE price for a very long is trading within a huge falling wedge and the very recent attempt to break out of the consolidation went in vain
- And therefore, a price drain towards the lower support close to INR 10 or INR 8 may be pretty likely
- However, after a huge gap, the trading volume has magnified largely which may induce a decent bullish momentum
- And hence after a fair retest, the very next attempt may finally be successful in breaching the pattern and stabilizing a strong uptrend
Additional Read: Dogecoin Price Prediction.
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