TL; DR Breakdown
- DOGE/USD started off the daily price analysis chart in a bearish trend.
- On the four-hour price analysis chart, the Bollinger bands are narrow, indicating a low volatile market.
- DOGE/USD five-day price analysis chart indicates that the DOGE has been trading in a tight range.
Dogecoin price analysis: General price overview
The daily Dogecoin price analysis chart began in a bearish trend. The sellers send the price downwards, forming several inverted triangles.
Dogecoin price is expected to continue dipping n the next 24 hours as the bears broke the daily support.
DOGE/USD five-day price analysis chart indicates that the meme coin has been trading in a tight range. This is an indication of a low volatile market.
The entire cryptocurrency heat map is red; This is an indication of the negative market trend. The giant virtual currency is trading in the same bearish trend; the coin has dropped by a few thousand dollars. BTC is currently trading at $47.2 despite going past the 50K mark in early trading hours. ETH is also trading in a severe bear trend so is the Binance coin (BNB). Even though the market has been bearish, some coins have managed to be bullish, Solana has recorded a more than 15 percent price increase in the last few hours, and the bull trend does not seem to be seizing anytime soon. The meme coin also trades in a negative trend. At the time of writing, the meme coin is trading at $0.26.
Dogecoin price movement in the last 24 hours: DOGE trades in a tight range
The 200-day Moving Average has crossed over the 100-day Moving Average, signaling a potential bear market in the subsequent trading sessions.
After a brief rise to $0.30, Doge/USD dipped back again to $0.26–$0.30 in a range of small price changes, suggesting that the coin is experiencing low volatility. Dogecoin trading volumes have increased considerably, reaching almost $2 billion per day, putting it at number 9 in the overall cryptocurrency market with a market capitalization of $37.5 billion.
Dogecoin 4-hour chart: Meme coin targets $0.30
The price of Dogecoin has been stuck in a rut for the past several weeks. After rising to $0.35 last month, a significant retracement followed on August 17th. The price of DOGE/USD dropped by about 20 percent to $0.20 during this period.
On the four-hour price analysis chart, the Bollinger bands are narrow, indicating a low volatile market. However, the price is advancing towards the lower Bollinger band; this indicates intense selling pressure.
Dogecoin Price Analysis: Conclusion
The Relative Strength Index is below 30, and there are possibilities of the RSI not breaching above the oversold region, meaning that the coin will be bearish in the next 24 hours as the bulls prepare for a comeback.
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