Dogecoin price has continued with the weekend’s range-bound trading; a trend observable in other cryptocurrencies. During that timeframe, Bitcoin – the leading cryptocurrency – has been within a horizontal channel of between $46,505 and $44,225.
Based on the correlation that exists between Bitcoin price and that of altcoins, most of the entities in the latter category has comparable price movements. For instance, Ethereum has been trading between 3,200 and 3,477. Similarly, Ethereum Classic is within a horizontal channel of between $54 and $59. In the near term, $0.2500 will be a key resistance level for Dogecoin price.
Dogecoin price prediction
DOGE is trading within a rather tight range after the late Sunday’s attempt to move past the resistance zone of 0.2500 was unsuccessful. Since its decline on Friday, its price movements have been within a horizontal channel of between Friday’s low of 0.2357 and slightly above the 50-day EMA at 0.2501.
At the time of writing, Dogecoin price was down by 4.295 at 0.2398. On a two-hour chart, it is slightly below the 25 and 50-day EMAs.
In the near term, the crypto will likely remain range-bound as it continues to experience resistance at 0.2500. In its efforts to retest the horizontal channel’s upper border, it will probably find some resistance along the 25-day EMA at 0.2439. However, this thesis will be invalidated by a move below the channel’s lower border of 0.2357.