- Dogecoin is trading between $0.1843 and $0.175 in the last 24 hours.
- Current market cap of Dogecoin is $21,547,791,869.
- Overall Dogecoin market is bearish from several days.
- MACD on all charts shows high buildup of resistance, making further downfall imminent.
- Dogecoin is expected to fall lower than $0.15 in the next few days.
Today, the Dogecoin price analysis reveals a downtrend in the market. After a recent short spike from $0.16 to $0.20, Dogecoin’s price is constantly on a decline from the last three days. Could it recover in the next few days?
Based on the current indicators, further falls seem imminent. This could cause huge pressure on the sellers to get rid of their holdings, resulting in a snowball effect that will continue to push the price lower.
It is not just Doge, but the entire Crypto market today trades with bearish sentiments. Ethereum has reduced by approximately 3 percent whereas Bitcoin has gone down by 3.27 percent. Similarly, Litecoin, Ripple, Cardano, and other altcoin markets today are also bearish.
The 1-day graph of Dogecoin price analysis reveals interesting information. Other than the 17th of July, Dogecoin’s price has been falling consistently for 7 days. Speculators say that the short spike was due to a recent tweet by Elon Musk on his official handle.
The RSI curve has a steeply decreasing slope that is just about to touch 30. Indeed, the Dogecoin market is quite undervalued now due to a high number of sellers. The overall demand is low and whatever increase there was on the 17th of July has already been engulfed by the ongoing downtrend.
At the same time, the MACD Dogecoin price analysis also shows histograms in the red region, which indicates that the resistance is currently high.
Dogecoin Price Movement in the Last 24 Hours
In the last 24 hours, Dogecoin is trading between $0.183 and $0.165. Overall, there has not been much volatility. The market is just consistently falling for the most part with some short spikes in between. But these short spikes by the bulls are not enough to overcome the high resistance.
With a current circulating supply of 130.51 billion, the market cap of Dogecoin is $21,547,791,869, leaving Dogecoin on the 8th spot.
RSI levels in the current hour seem relatively good with the histograms on the MACD in greens. Doge might be headed for a short recovery over the next few hours. However, the long-term trends do not seem very promising.
DOGE 4-Hour Chart – Dogecoin is set to plunge even further
The RSI in our 4-hour Dogecoin price analysis seems to be rising and is currently set at 36.9. With that, the price market in the last 4-hour shows a slight recovery as well. However, this slight rise is going to be short-lived before the RSI gradient becomes zero or negative again.
On the other hand, the MACD shows some significant build-up of resistance that could cause Dogecoin to plunge even further. The short bullish spikes are not likely to overcome the constantly reducing demand.
Dogecoin Price Analysis Conclusion
Dogecoin has failed to recover from the inevitable plunge after the recent peaks. The prospects for the meme-coin to retrace back to even $0.2 seems like a long shot, let alone its all-time high of $0.73 in May. Currently, the Dogecoin price analysis shows an undervalued market, which is expected to fall significantly over the next few days before stabilizing again.