Dogecoin price is hovering round $0.2000 as risk aversion continues to influence price movements in the cryptocurrency market. The crypto fear & greed index is at the extreme fear side of the spectrum with a reading of 25. In comparison, the index exhibited a fear level of 26 in the previous session.
According to CoinMarketCap, Dogecoin is ranked 10th in the crypto market. Over the past 24 hours, its trading volume has risen by 1.95% while its market cap is down by 2.68%.
Dogecoin price technical outlook
DOGE has eased at around 0.2000 after dropping from Monday’s high of 0.2096. Over the past three weeks, the altcoin has been on a decline after hitting the month’s high at 0.3200. During this timeframe, it has dropped by about 37.42%.
At the time of writing, Dogecoin price was up by 0.12% at 0.2000. On a three-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages.
In the near term, the crypto will likely continue finding support along 0.2000. As a result, it may trade within a tight range of between 0.1984 and along the 25-day EMA at 0.2048.
Above the horizontal channel’s upper border, the resistance levels to watch out for will be along the 50-day EMA at 0.2131 and at the upper level of 0.2200. On the flip side, a move below the channel’s lower border will have the bears eyeing the prior support level of 0.1897.