Dogecoin, at the time of penning down, was trading around $0.00250 with a bullish intraday yet a flattish overall movement. Moreover, Dogecoin is believed to have a concurrent momentum with that of Bitcoin, and this time, it seems to have come true as the two hold almost a similar trend. Dogecoin—one of the altcoins is a similar trend with the king of cryptocurrencies by market capitalization, while the other altcoins have been defeating the momentum of Bitcoin and trading with graded traction.
In the above Month-to-Date chart of the two cryptocurrencies viz., Dogecoin and Bitcoin, we see a similar kind of trend and price action taking place throughout. Both the cryptos have been maintaining a flat trend to a major extent since the start of the month until the time of writing.
With an emphasis on the Year-to-Date price trend of Dogecoin, we see that the coin has been exhibiting a flat trend since the previous month and breached the gaining streak. Dogecoin’s price is lacking a blow of momentum and is continuing to trade around $0.0025 for a long time now. While the other altcoins have been making hay in the ongoing week, DOGE is one of those altcoins that is acting opposite in the global market.
On the 2-hourly chart, Dogecoin lacks support from 50-day and 200-day MA as it continues to consolidate below 38.20% Fib Retracement level due to lack of steady momentum. It was just two days back on June 11, 2020, when the coin hit double bottom at $0.00237 and retested the weekly support.
DOGE, in constant attempt to rebound, could only restore around $0.00252 price level and is yet to move beyond 38.20% Fib retracement level. With a slight intraday pullback, it failed to retain 50-day support, but the technicals are appearing bullish due to positive crossover.
The MACD of the Dogecoin is seen crossing above the signal line due to intraday rebound, and the bearishness is not seen rolling as there is no abrupt change. Moreover, the coin had been maintaining a flat trend to a major extent from Month-to-Date. And, the RSI is at 49.63, withholds no trading extremities and is seen rising from the selling zone.