Dogecoin price was rejected at the $0.2300 mark yesterday and has failed to find a strong support level over the last 24 hours. The asset’s price has been declining slowly but steadily as DOGE returns to the $0.200 mark.
The broader cryptocurrency market observes a bearish market sentiment over the last 24 hours. Bitcoin records a 0.75 percent price hike while many major cryptocurrencies including Ethereum record losses. Major players include the ICP token that records a 6.58 percent decline over the period.
Across the technical indicators, the MACD is currently bullish as observed in the tall green histogram. However, the recent hours have observed a declining momentum as the Dogecoin price struggled to cross the $0.22 mark. While the 26-EMA is catching up to the 12-EMA, both EMAs are moving upwards with a declining slope as the Dogecoin price falls to the $0.20 mark.
The RSI briefly dipped into the oversold region yesterday but has climbed back to the neutral zone today. Currently, the indicator is trading below the 40.00 mark showing a bearish presence in the market. However, the indicator is moving horizontally showing low selling pressure.
The Bollinger Bands are currently had expanded yesterday as the Dogecoin price climbed to the 0.2300 mark. The indicator’s mean line is acting as the resistance level for the asset’s price which the bulls were unable to break through yesterday. Since then, the Dogecoin price has been falling to the $0.2100 mark and the indicator’s limits have started converging downwards.
Overall, the 4-hour technical analysis issues a sell signal as 14 of the 26 major technical indicators suggest a bearish movement for the Dogecoin price across the time frame. On the other hand, only three indicators issue buy signals showing a weak bullish presence at the current price level. Meanwhile, nine indicators remain neutral and do not support either side of the market.
The 24-hour technical analysis shares this sentiment as the analysis shows 11 indicators suggesting an upwards movement against only five indicators supporting the bulls. The market currently exhibits strong bearish dominance. At the same time, ten indicators sit on the fence and do not issue any signals at the time of writing.
Traders should expect the Dogecoin price to fall back to the $0.200 mark as the bears haunt the asset’s price action. The bullish momentum is very low and the closest support level lies at the $0.200 mark. The price action finds very strong support at the level and further downwards movement is unlikely.
Once the bearish pressure has subsided at the $0.200 mark, the Dogecoin price can be expected to recover to the $0.3000 mark swiftly as the bulls take over. However, being a meme coin, the Dogecoin price is easily swayed due to social media influence.
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.
This post was last modified on July 10, 2021 6:13 pm
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