The Dogecoin price has continued with sectoral trading over the weekend; a trend that can be observed with other cryptocurrencies. During this period, Bitcoin – the leading cryptocurrency – was in a horizontal channel between $ 46,505 and $ 44,225.
Based on the correlation that exists between the price of Bitcoin and that of Altcoins, most companies in the latter category have comparable price movements. For example, Ethereum traded between 3,200 and 3,477. Likewise, Ethereum Classic ranks between $ 54 and $ 59 within a horizontal channel. In the short term, $ 0.2500 will be a major resistance value for Dogecoin price.
Dogecoin price prediction
DOGE is trading within a fairly tight range after unsuccessful attempts to break the 0.2500 resistance zone late Sunday. Since its fall on Friday, its price has moved within a horizontal channel between the Friday low of 0.2357 and just above the 50-day EMA at 0.2501.
At the time of writing, the Dogecoin price is down 4.295 to 0.2398. On a two-hour chart, it is slightly below the 25- and 50-day EMAs.
In the short term, crypto is likely to stay in the range as it continues to experience resistance at 0.2500. In its effort to retest the upper bound of the horizontal channel, it is likely to encounter resistance along the 25-day EMA at 0.2439. Moving below the channel’s lower bound of 0.2357, however, invalidates this thesis.