- Dogecoin price analysis shows that bulls are unable to shake off the current downtrend.
- DOGE volatility is driving the price back into another bearish zone below $0.3000.
- In the last 24 hours, DOGE/USD has lost 5 percent value as the weekend comes to a close.
As DOGE battles another downtrend, the altcoin is facing a crisis as its popularity dwindles further. The rise and fall in DOGE can be attributed to its social media coverage. Lately, it is garnering all the negative press. Add an overall negative sentiment in the crypto industry, and we have a sliding DOGE/USD that may not stop at $0.30000.
Currently, the price of DOGE is near $0.3040 with a downward bias. The cryptocurrency is struggling to post any meaningful pattern on the charts and just trading sideways. According to Dogecoin price analysis, the pair is also limited in a strict range within the Bollinger Bands. The current range is $0.2889 to $0.3284, and traders have a limited opportunity to decipher its next week’s trajectory.
With May coming to an end, all eyes are on the June series, where crypto fans expect the negative news to subside. As the world reels under the COVID-19 pandemic, the next month will see more economies come out of the lockdown, which can spur the global markets upwards. Whether the crypto realm will follow suit remains to be seen.
Dogecoin price movement in the last 24 hours: Sideways grinding with a negative bias
For the past few days, the Google search trend for Dogecoin is on the decline. That’s because the cryptocurrency cannot shake off the downtrend, unlike most of the other altcoins. The pair has come down from $0.3608 to touch a low of $0.2808, which has dampened the spirits of DOGE bulls. The waning interest is evident from the common search queries related to Dogecoin.
Currently, the price is near $0.3040, which is well below the 50-day simple moving average. The same 50-day moving average at $0.3700 is fast turning into a long-term resistance. Dogecoin price analysis shows that the bulls have failed repeatedly to push prices above $0.3800. Throughout the May series, the pair has been unable to defend its vital support regions.
Most technical indicators, daily and weekly, have turned neutral due to the prolonged consolidation in the pair. The extended bearish sentiment will only cause a weak recovery in DOGE/USD. As per Dogecoin price analysis, the pair is likely to continue its consolidation near the $0.3000 level heading into the first week of June as per long-term Dogecoin price analysis.
DOGE/USD 4-hour chart: No clear signs from technical indicators
The DOGE/USD hourly chart shows a strange mix of technical indicators. The price is trading sideways in small see-saw candles, which only confuse the matters further. Most notably, there is a bearish ‘Doji’ emerging on the long-term weekly Doge chart. Indicating further weakness in June.
Investors and traders are facing a dilemma as the DOGE/USD chart cannot steer past crucial resistances. A continuation of the downtrend will likely reflect on the charts with DOGE/USD pair breaking below $0.3000. Dogecoin price analysis reflects that the downward price channel will solidify the supports at $0.2800 first, and then at $0.2500 next. In the worst-case scenario, the June series can see the sellers bring the pair within close vicinity of $0.1 by breaking the descending price channel.
The month of June can, therefore, see DOGE test crucial support levels. In the absence of solid buying, the bears can increase selling intensity and push the volumes down further. Historically, the month of June has seen muted growth in cryptocurrencies. Such muted price action this June will only encourage the bears further to touch fresh new lows as per Dogecoin price analysis.
Dogecoin price analysis conclusion: June won’t change Doge’s fortunes much
Dogecoin remains a popular cryptocurrency despite the recent volatility. Despite a slight decline in popularity, the DOGE/USD pair still attracts new and experienced traders. Now and then, a few comments or tweets from Elon Musk do add a little bit of flair to the mix. Recently, he has suggested another use case scenario for Dogecoin.
Currently, traders should not trade in the long-term perspective. Instead, they should pick small resistances for long positions. As the May series ends, traders must focus on $0.3800 resistance before targeting $0.5000 to turn the negative tide against the bears. The support at $0.2700 should be observed as the volatility can spark new Dogecoin concerns.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.