The range has been tested before and the price fell only once due to very high bearish momentum.
However, volatility remains low with the 50 MA above the candle. This indicates that despite the downtrend, the DOGE price is not moving.
The Fibonacci retracement indicator highlights the consolidation taking place between the 26.6 percent and 38.2 percent levels.
As the price range finds support from traders, the Fibonnacci retracement will also help maintain the selling pressure.
Consolidation may continue as the trend has not shown any signs of reversal. The Directional Movement Index notes that the -DI (Minus Directional Indicator) remains dominant is a sign that downward pressure is on the market.
This pressure is strongly supported in the market as ADX remains at 21, which is one sign of the strength of the trend.
Important level
Entry-level: 0.3263 dollars
Take profit: 0.2850 dollars
Stop-level: 0.3573 dollar
Risk and Reward: 1.33
The Dogecoin market is currently undergoing a consolidation phase. Although volatility remains low, the price is witnessing bearish pressure and is moving within a tight range.
As the correction continues, DOGE may hide at these levels, with increasing momentum the market may witness a trend change.
Disclaimer: This article does not represent an opinion to buy, sell or hold any investment. Every investment and trading movement of crypto assets involves a high level of risk, you need extra analysis and consideration before making any independent decisions.
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