Dogecoin Technical Analysis: Will DOGE Coin Recover in 2023?

• Dogecoin (DOGE) is currently trading at $0.066070 with a decline of 2.24% in the 24 hours.
• The Dogecoin price is observing an increase of 6.15% in the last 7 days.
• The DOGE market capitalization is $9239205930.

Trend Evaluation

By evaluating the price data of the DOGE coin, it is observed that it is in a downtrend currently. The price inclined by 6.15% in the last seven days and we can say that Dogecoin performed well last week. From its peak price of $0.731578, it fell -90.97% in the last 2 years. The coin demolished the major investor’s wealth. The current market sentiments are not good about the coin. No huge volume is present in Dogecoin. As of now, there is no buyer interested in buying Dogecoin. There is bearish dominance in the market.

Dogecoin (DOGE) Technical Analysis

The price of Dogecoin (DOGE) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. If the sellers continue to push the price down, the coin’s value may fall even further in the upcoming week. 

The price has been consolidating near 200 days EMA again which shows that bears are not in the mood to give power to bulls. A death cross has also been seen in the chart between 50-day and 200-day EMA.

Source:  DOGE/US DOLLAR .1D by TradingView

  The technical indicator MACD is also in negative territory. The MACD line at -0.0009 and signal line at -0.0018 is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

Source:  DOGE/US DOLLAR .1D by TradingView

The current value of RSI is 50.40 points. The 14 SMA line is currently below the median line, around 41.40 points which shows bearish sentiment in the market. The bearish trend is indicated by the 14-day SMA line below the median line. As the price is in oversold territory, the market is experiencing bearish sentiment.

Trendline Analysis: The price has respected its significant trendline support, and is heading for resistance. As soon as the price breaks the trendline,  it will rise to the next resistance and if it gets rejected by the resistance, then it will fall back to the current support.

Volume Analysis: Dogecoin (DOGE)’s trading volume of 24 hours is $18691050, with a 56.10% increase in volume in the last 24 hours. There is a significant boost in the volume of the coin.

Technical Levels:

• Support – The current support level of DOGE is $0.057.
• Resistance –The current resistance level of DOGE is $0.073.

Conclusion

Dogecoin (DOGE) is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days if it broke its primary trendline support level. DOGE price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about Dogecoin. Fear is developed around the investors because of the adverse performance of the coin. Dogecoin not showing any recovery signs right now.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.