Crypto Update: DOGECOIN PRICE ANALYSIS:DOGE forms a Head and Shoulder

DOGE is now in a consolidation phase around

the $0.0620 level, according to today's Dogecoin price analysis.

 As long as prices are trading below $0.0664, the intraday bias remains slightly bearish. DOGE is now trading at $0.06070, down 0.51 percent at the time of posting.

The immediate resistance level is $0.06187, which is the 23.6% Fibonacci retracement level of the last leg from $0.05693 to $0.06464. If the price of DOGE falls below this level, it will retest the $0.05693 level. On the other side, if prices manage to break above the $0.06464 level, it might open the door for a move towards the $0.0664 level. The market sentiment is bearish, yet DOGE prices are facing strong rejection around $0.06464.

The 4-hour Dogecoin price analysis suggests that DOGE is currently in a bearish market sentiment. The market's sentiment has moved to negative, as shown by the Relative Strength Index line, which is heading below the 50.00 level. The RSI indicator is currently at 43.71 and is approaching oversold territory, indicating that prices are likely to fall further in the short term.

The market capitalization of this coin is estimated to be $8,002,944,827. The 24-hour trading volume for the same coin is around $271,548,139. DOGE market capitalization has risen by 1.80%. However, trade volume decreased by 37.56% during intraday trading. The market capitalization to volume ratio is 0.03412.

The first major resistance is located at the $0.06200 level. Any further rises might push the price up to the $0.06500 level. Above $0.06500 may touch $0.07200 level soon.

If DOGE fails to break $0.05900 major resistance, the price may continue to fall below $0.05700. If DOGE fails to hold this level then below $0.05700 panic selling till $0.05400 level.

KEY LEVELS :

RESISTANCE LEVEL : $0.06200-$0.06500

SUPPORT LEVEL : $0.05800-$0.05400