Dogecoin price analysis shows a bearish trendThe price resistance of DOGE is at $0.07677The support level for the DOGE price is $0
- Dogecoin price analysis shows a bearish trend
- The price resistance of DOGE is at $0.07677
- The support level for the DOGE price is $0.07339
Today's Dogecoin price analysis shows that DOGE is currently in the consolidation stage near 0.07493 dollars. This occurred after the currency value plummeted significantly from its historical high of $0.770 on March 23. Despite the recent price decline, Dogecoin is still one of the most popular Cryptocurrency in the market. The resistance of the DOGE/USD currency pair is currently at the level of 0.07677 US dollars, but the bearish sentiment in the market makes it difficult for buyers to break through this level. On the downside, there is strong support around $0.07339, and if the price falls below that level, it may further decline. The 24-hour trading volume has also decreased by more than 33.91% to $408 million, while the market value is currently $9.94 billion.
Dogecoin price analysis 1 day chart: DOGE depreciated up to 0.07493 dollars after facing losses
One day's price analysis of Gougou Coin shows that the token is currently in bearish market sentiment. After the Dogecoin failed to break through the resistance level of 0.07677 US dollars, the market fell and turned to bearish. If the selling activity rose further, it would further depreciate. The moving average (MA) value, which is $0.0750, is used for the daily price chart.
Volatility is increasing, which is a relatively unfavorable indicator of future Market trend. The upper limit of the Bollinger Bands is now $0.0795, while the lower limit of the Bollinger Bands is $0.0660. The Relative strength index (RSI) index is currently trading at 49.62 and moving towards an oversold area, which is another sign that prices may fall further in the short term.
DOGE/USD 4 hour price chart: recent updates
The hourly Dogecoin price chart shows that tokens are traded in a downward triangle pattern. The price faces strong rejection near the resistance level of $0.07677, and as long as this situation holds, it is expected to further decline. The digital asset has lost nearly 2.25% of its value in the past 24 hours, and it remains to be seen whether bulls can turn the situation around. The moving average is also beneficial for bears, as 100SMA is lower than 200SMA in a bearish ranking.
Technical indicators are still bearish, including RSI, which is falling below the 50.00 level. The Relative strength index (RSI) index is currently trading at 49.73 and moving towards an oversold area, which is another sign that prices may fall further in the short term. The width of the Bollinger Bands is also shrinking, which may indicate that the token may soon break through.
Conclusion of Dogecoin price analysis
In conclusion, the price analysis of Dogecoin shows that if the short position maintains the current momentum and the selling pressure remains strong, the token may collapse. Short sellers are striving to maintain a high momentum and have successfully led to a price drop to the $0.07493 range. However, if bulls can establish sufficient momentum in the coming days, prices may rebound.
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