Dogecoin price analysis: DOGE drops to 0.08405 after a protracted period of decline
Dogecoin price analysis shows that the coin has been facing a bearish trend in the market for the last 24 hours. The coin has been trading in a descending triangle pattern and is currently trading below the $0.08405 level. Support for the DOGE/USD pair appears to be located at the $0.08325 level, which, if broken, could lead to a further decline. On the upside, immediate resistance is seen near $0.08746, and if it is broken, the price could rise toward the $0.0841 level. The bears have been in control of the market, and the price has declined significantly from its all-time high of $0.0856.
Dogecoin price analysis 1-day chart
The 1-day Dogecoin price analysis shows a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and the coin has not seen any major bullish momentum. The price has been lowered to $0.084 and is currently trading below the $0.08405 level. The coin is expected to remain bearish in the near term, as technical indicators are. On the other hand, if the bulls are able to defend the $0.08746 level, then the price could rise toward $0.0841 in the coming days.
The Relative Strength Index (RSI) is currently trading around the 40 levels, indicating that there is no major momentum in favor of either the bulls or the bears. The MACD indicator is also showing a bearish divergence, suggesting that the price may continue to remain under pressure. Moreover, the moving averages are sloping downward, indicating that the bearish trend could continue in the near term.
DOGE/USD 4-hour price chart: Recent updates
The hourly Dogecoin price analysis also shows that the coin is in a bearish trend and could drop to $0.08325 if the current support level is breached. The immediate resistance is located near the $32.2 level, and if the bulls are able to break this, then the price could rise toward $0.0841 in the near term. The 24-hour trading volume for the DOGE/USD pair is now at $769 million. while the market capitalization is currently at $11.1 billion.
The MA 50 and the MA 200 are both bearish, as they are both below the current market price. This indicates that the bears are in control of the market. The Relative Strength Index (RSI) currently shows a bearish trend, indicating that the bears are in control of the market at this time, while the Moving Average Convergence Divergence (MACD) on the 4-hour timeframe is bearish as the signal line (blue) is above the MACD line (red). This indicates that the bears are in control of the market.
Dogecoin price analysis conclusion
In conclusion, the Dogecoin price analysis demonstrates that market consolidation is anticipated to occur soon. The bearish trend is still strong, though, and prices are expected to keep falling. As the negative forces gain control of the market, the market indicators are indicating greater downside momentum in the near term. With the current economic situation, investors continue to be cautious. The bearish tendency is still strong, though, and it is anticipated that prices will keep falling.
