DOGE’s Price Takes New Support Level At $0.0015 Between Bears

DOGE’s price today has been one of the major victims of the bearish movement in the market and faces an overall loss of -5.64 percent. However, the support level for the coin is now at $0.0015 and is still intact as we are reading in the Dogecoin news.

Dogecoin started with a strong support level of $0.0015 in the 7-day charts and the overall bearish nature of the crypto market forced the price to reach a level of $0.0017. As most of the coins are facing major downtrends where Bitcoin also broke below the crucial level of $6,000 and Ethereum survived the support $120, Dogecoin also faced a negative momentum.  The current price is now standing at the $0.0017 level with the market capitalization of $212,486,942 and a volume traded of $156,545,377. The current circulating supply is at $123,654,490,995 DOGE.

However, the DOGE/BTC pair was doing quite well in the market with an overall gain of 1.36 percent. This could be seen as a positive aspect from which the cryptocurrency can start rebuilding its momentum on the market. The Dogecoin price charts show how the bearish momentum faced by the coin was present at the start of March. The importance of the coin downtrend for the altcoin can be spotted in the graphs as well. Doge’s price is facing a consolidation between $0.0015 and $0.0020 while the downtrend is quite unable to break the price level as the cryptocurrency gets the major support level of $0.0016.

The technical indicators are favoring the bulls and the MACD levels are also showing some bearish nature after decreasing to the bullish zone and spending some of the time in the region. This is not a good indication for most of the DOGEcoin holders. The 24-hour RSI is showing downtrends as well and is about to reach a bearish level of 40. This also favors the bears as well and the CCI had a negative divergence from the baseline territory which has forced the levels that are able to reach the oversold region. If CCI levels reach the oversold region, it will increase the vulnerability of the downfall and vice versa. Also, the cryptocurrency was traded at $0.002518 on February 23 and over the next week, cut back 15.33% in its value.