Dogecoin Technical Analysis: Will DOGE Price Hit INR 20 in July 2022?

Dogecoin price after maintaining a notable upswing for nearly a month is expected to drop as the buyers appear to have been drained a bit

7 Jul 2022 | 5 min read

Dogecoin Technical Analysis: Will DOGE Price Hit INR 20 This Month?

Table of Contents

Key Takeaways:

Dogecoin price closed the previous day’s trade at INR 5.42 with a market capitalization of INR 714.32 billion and a circulating supply of 132.67 billion DOGE
DOGE price after undergoing a steep descending trend for a long time is attempting for a rebound but could be restricted below INR 6 for some more time

Current Price	INR 5.43
Market Cap	INR 719,806,820,429,113
Circulating Supply	132.67 DOGE
Max Supply	132,670,764,300
Vol (24H)	INR 31,428,998,723
Change (7D)	-0.60%

Check out the Latest DOGE Price, Charts, and Data

Technical Analysis for July 2022

Technical Analysis at a Glance

Short-Term	The DOGE price is expected to continue trading within range-bound levels, including minor upswings and downswings
Mid-Term	The buying pressure has eased a bit and hence the possibility of a minor pullback below INR 5 emerges
Long-Term	Dogecoin is trading within a huge bearish trend and hence carries fewer possibilities of a rebound

Impact of Crypto Crash on DOGE Price

It would not be wrong to say that the 2021 crypto crash was ignited by the DOGE price crash just before the SNL event in May 2021. Since then the asset has been shedding its value at the maximum. The recent crypto crash that began with the LUNA crash has dragged the price by more than 50%. Later a couple of negative rounds in June dropped the price by another 37%. Currently, the price is attempting to rebound, but the bear market sentiments may restrict the price below the crucial levels.

Read more about the Reason of Crypto Crash

Technical Indicators & Pivot Levels

Indicator	Value	Action
Relative Strength Index(RSI)	52.9 / 33.69	Neutral / Sell
MACD	-0.016 / -2.4	Sell / Sell
Average Directional Index(ADX)	23.04 / 20.65	Neutral / Neutral
Ultimate Oscillator	44.11 / 34.87	Sell / Sell
Bull-Bear Power	0.07 / -2.7	Buy / Sell

Pivot Levels

Moving Average	Short Term	Long Term
MA 5	INR 5.76	INR 5.54
MA 10	INR 5.736	INR 6.66
MA 20	INR 5.753	INR 8.57
MA 50	INR 5.79	INR 13.6
MA 100	INR 5.52	INR 6.95
MA 200	INR 5.96	INR 3.47

The DOGE price is somewhat bullish in the short term as RSI is surging while the strength of the rally is neutral. As the volatility is less, the price is expected to flow along the induced volume without any sudden price action while bulls maintain their dominance.

On the other hand, in the higher time frame, the asset is extremely bearish as most of the indicators point out a sell signal. RSI is dropping while MACD displays a mounting of extreme selling pressure. Therefore, the asset may find new lows in the coming days.

Additional Read: DOGE vs SHIB: Comparative Analysis

Dogecoin Technical Analysis for Short Term

Source: Tradingview

Dogecoin’s price after the recent flip is been surging within an ascending triangle and is yet to reach the apex
Therefore, the price is expected to maintain an ascending consolidation until the weekend and attempt for a breakout
After a breakout from these regions, the asset may reach INR 6.5 and could face a minor pullback but may sustain above INR 6
This move may further induce a significant bullish momentum that may validate a notable uptrend ahead

Also Read: Top 10 Crypto to Invest

Dogecoin Technical Analysis for Long-Term

Source: Tradingview

The DOGE price in the long term appears to be stuck within a huge bearish trap that may compel the price to discover new lows
The descending triangle is been maintained ever since the asset marked its highs, a year before in May 2021
After shedding more than 90% of its gains, the price is approaching the apex which indicates a breakdown may be fast approaching
However, the breakdown could induce a catapult action that may, in turn, push the price close to INR 10 in the upcoming fortnight or by the end of the monthly trade.

Read more on 1% TDS on Crypto & 30% Crypto Tax

Where & How to Buy Dogecoin(DOGE)?

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Is Dogecoin bullish or Bearish?

Dogecoin price is bullish in the short-term, while bearish in the long term. Therefore, one can expect a short-term bounce towards the immediate resistance followed by a pullback.

What is the current RSI for DOGE?

The RSI for DOGE in the short term is 52.9 and for the long term is 33.69.

Is it a good time to buy Dogecoin?

The crypto markets are trending within a deep descending trend along with DOGE that could rebound on hitting the lowermost support. Therefore, it may offer good returns but is also considered one of the high-risk assets.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to support@coindcx.com.
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