Dogecoin hit a respectable high of $ 0.3517 on August 16, 2021, but the profit posting that followed the next day pushed it back to its support levels. This DOGE price movement was then displayed as a profit booking option. Such opportunistic price action requires reluctance to invest blindly.
Given the profit posting over the past two days, it has gobbled up the consolidation and positive moves of the past five days, bringing Dogecoin back to its immediate support levels. the Dogecoin price promotion The past two months have been positive and wait for clear signs before giving up stocks.
The profit booking with Bitcoin creates a sales scenario for all other cryptocurrencies. While the market leader hasn’t let up much, Dogecoin has stumbled under selling pressure. The total supply of 131 billion Dogecoin is circulating in the market and DOGE became $ 1 and could make it among the top three cryptocurrencies. From now on, Dogecoin ranks eighth.
Dogecoin price analysis
The rally has stalled with profit bookings and consolidations on the tables for the next leg of the crypto run in the market.
From a year-long valuation perspective, Dogecoin trades with decent strength. Instead of a falling 200 DMA line, DOGE / USD has a rising 200 DMA line. It shows the fundamental strength and the stronger price movement on longer charts. Dogecoin has support at $ 0.2663 as an immediate level followed by the 200 DMA line at $ 0.2386 while facing a resistance zone between $ 0.3150 and $ 0.3320.
Dogecoin has an RSI that falls from overbought zones towards a zone of lower buying intensity. The coincidence of lower buying sentiment with rising price action indicates a confusing move. However, the declining volumes compared to midweek in August 2021 indicate a waiting loop, as the volumes barely reach 100 million transactions.
Dogecoin has a distinct profit booking pattern on the charts as it falls with great intensity. First there was some consolidation on the hourly charts yesterday, suggesting an easy buying opportunity in hopes of retracement and making a new high. Instead, the dawn of September 7th, 2021 brought strong selling pressure with higher volumes of almost 27 million. There was some consolidation again according to ours Dogecoin predictions, but this should not be viewed as a buying opportunity.
Dogecoin can instead repeat the falling movement which locks up your investment for a longer duration. Think of $ 0.2600 as a strong buy level, but wait for a retracement on the hourly charts and some positive signs before entering a new trade. The RSI levels have fallen into weaker zones technically known as the oversold zones. Don’t rush to buy oversold prices as the daily charts are still slightly bullish.