DOGE Price Faces Strong Resistance At $0.0026: Analysis

The DOGE price faces strong resistance at the $0.0026 level and the price is staying on the losing side of the bullish market. The reason for the drop can be justified by the $0.0026 resistance level while the support level of $0.0020 is still intact as we are seeing in the Dogecoin news below.

On the 7-day weekly charts, the DOGE price faces a crucial level of $0.0020 while the overall nature of the market provided the DOGE price to reach a higher level of $0.0025. With most of the coins facing major uptrends, Bitcoin broke the crucial level of $8K while Ethereum went past the support level of $210.

However, Dogecoin faced a negative momentum. The current price is standing at the level of $0.0025 with the market cap of $311,486,942 and a volume traded of $293,545,377. The current circulating supply is 124,654,995 DOGE. The DOGE/BTC pair is doing well in the market with an overall gain of 0.36% and this can be seen as a positive signal for the coin to rebuild the momentum on the market.

The DOGE price charts show the price consolidating from the start of the previous month. This period can be easily noticed in the charts below. Dogecoin is facing a price consolidation between the range of $0.0020 and $0.0025 while the downtrend is unable to break the price level as the asset got most of the support level of $0.0020. The technical indicators are favoring the bears and the MACD levels are showing the bearish nature again after dropping to the bullish zone and spending time in the region. This is not a good indicator for the holders of the asset.

The 24-hour RSI shows negative nature and will reach a neutral level of 50 and favors the bears. The CCI had a negative divergence from the peak of a normal territory twice getting back on the strong profit booking momentum for the asset. Through the months of March and April, Dogecoin saw a significant increase in its transactions. More and more people are sending DOGE now compared to a month and a half ago, on-chain metrics say. For a strange reason, we can see an increase in people using DOGE amid this global crisis.