Dogecoin Consolidates Near $0.080. Is This The Next Support?

1 min read

Dogecoin ($DOGE) price analysis on August 18th indicates a sideways movement with a mild negative bias. After testing a high of $0.090, the price retraced nearly 15%. It would be expected for DOGE/USD to bounce back after consolidating near the critical support level.

The current market structure shows a slightly bullish sentiment over the last 24 hours. As of press time, DOGE/USD is changing hands at $0.080, up 0.77% for the day. According to CoinMarketCap data, the trading volume declined more than 52% to $719,092,978. This makes current market cap $10.73 billion, making DOGE the 10th largest coin at the moment.

DOGE/USD pair is nearing the support zone and the critical trading level of $0.080, where the buyers found double bottom support.

  • Dogecoin price manages to hold the support level.
  • Bulls need to maintain the support level to bring gains in the coin.
  • A daily candlestick below $0.078 would invalidate the bullish outlook.

Dogecoin price looks stable

Source: Trading view

Dogecoin price analysis shows that the pair has entered into a consolidation. The dwindling volume data indicates that bulls are still holding their footing on the fifth trading day of the week.

On the four-hour chart, the dogecoin price found support at the 61.8% Fibo. Retracement level. This also coincides with the 20-day exponential moving average (ema) at $0.080.Thus, the $0.080 remains a crucial level to trade for both bulls and bears.

Renewed buying pressure would push the price above near $0.085 as the pair trades in an ascending channel.

An acceptance above the mentioned level could bring additional buyers and the price will test $0.090.

On the flip side, a break below the session’s low would negate any bullish arguments. If that occurs the gates would be open for $0.078, at the 0.50% Fibonacci retracement.

The RSI(14) has given a bearish divergence since August 14th. The oscillators trade below the average line. Currently, it reads at 51.

1-hour chart finds signs of consolidation

Source: Trading view

On the hourly time frame, the price trades inside the descending channel, facing rejection near the upper trendline. However, in today’s session, the bulls managed to sustain $0.080.

A green candlestick above the 20-day ema could end the downward move. An hourly close above $0.082 could set up a base for the next leg-up.

Whereas, the downside is seen at $0.078 amid a spike in sell orders.

The Moving Average Convergence Divergence (MACD) holds below the midline with a neutral bias. A rising histogram along with any uptick in the oscillator would strengthen the upside outlook.


Dogecoin consolidates on all time frames with a neutral bias. A dip buying opportunity for side line investors near $0.080.