During the early Asian trading hours, The broader cryptocurrency market was undergoing healthy correction. Currently, Bitcoin and Ethereum are showing signs of a rebound while Cardano price is still below $2.3.
Major players include AXS, LUNA recording more than 10% gains. Coming to meme coins SHIB Price rallied more than 14% whereas DOGE Price remained mostly flat for quite a long time.
DOGE Price Deals with Solid Barriers
DOGE Price is continuing to Trade sideways. At the time of writing, the meme coin is trading at $0.2443 with a more than 4% drop. From the Past few days, the market volatility has been extremely low with DOGE price consolidating with the $0.2400 – $0.2600 level.
During the past 48 hours, the meme coin price rose from $0.2329 to $0.2599 and further got rejected at the level causing further consolidation.
If the DOGE price continues to be bearish suggesting a fall to the $0.2400 mark with a potential downwards breakout to the $0.2200 mark.
Major technical indicators have a negative outlook on the Dogecoin price action suggesting a bearish market in the short term. In case the bearish thesis does hold true, then the support for Dogecoin would be at $0.240 and then at its month-low of $0.213.
If the RSI drops much lower without the $0.235 support being invalidated then we can expect a reversal trend starting a new uptrend that won’t see major obstacles until it hits the $0.297 level.
If the current resistance were to be invalidated, it could result in Dogecoin going to freefall until it hits a floor at $0.16. DOGE price might enter bearish sentiments if this support were to be breached signaling new lows and setting the idea in stone that DOGE is in a downtrend.