Dogecoin has been trading at $0.4958 with a market capitalization of $64 billion. The meme-coin’s has been noting a loss of almost 5% in the past week. However, unlike other altcoins, DOGE has been currently at a stable price level and may continue with this trend.
Dogecoin four-hour chart
Source: DOGEUSD on TradingView
The gradual rise in DOGE’s price can be visible in the above 4-hour chart. The growth has been driven by the market sentiment and the growing DOGE holders have been contributing to its inflating value. However, the recent price movement has been close to support at $0.4904. This could be an indication of a stable market.
Reasoning
Market indicators suggested that the volatile period had already passed and DOGE was seeing a consolidation phase. Bollinger Bands were inflated as the price bounced between $0.5904 and $0.4974. However, the sideways moving price has also resulted in the signal line moving above the candlesticks marking resistance.
As the price holds still, the market has reached a state of equilibrium. Relative strength index confirmed this as it remained close to 50, near equilibrium. This meant that the buying and the selling pressures were currently evenly matched. The equilibrium state with a lack of momentum will add to the ongoing price trend.
As DOGE price has relied on volatility from the Bitcoin market or hype, currently, the market has seen a stagnant period. This may continue until there is a sudden shift in market momentum.
Conclusion
The current Dogecoin price may hold on at $0.50, although resistance remained close at $0.59. DOGE price may continue to hold above the support level, however, changing trends in the crypto market could push the volatility higher.
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