- According to Dogecoin price analysis, the market appears to be bearish.
- The Bollinger bands are narrow on the 4- hour price analysis indicating that DOGE is experiencing low volatility.
- DOGE/USD is currently trading at $0.22.
After being trapped inside a tight trading range for several days, Dogecoin gradually declined in price. The $0.2500 overhead resistance was broken more strongly on Monday, and subsequent advances were repulsed, sending the meme coin into a tight trading range. As a result, we anticipate the DOGE/USD pair to fall further and test a key support level at $0.2300 in the near term.
Dogecoin price analysis for the last 24-hours: Bearish signs but little chances of a strong pullback
We anticipate that a daily candle that closes below $0.2500 will open the door to further losses towards $0.2300, a long-term support level. In this instance, we look for a break beneath $0.2300 to create the $0.2200 handle, which corresponds with a long-term trendline.
50% this year, we believe that Dogecoin has upside potential in the short term for two reasons.
DOGE/USD 4-hour chart: DOGE to continue consolidating?
On the hourly Dogecoin price analysis chart, we can see resistance at $0.2338, suggesting a potential for consolidation later in the day. A breakout above this level will likely lead to a spike towards the next resistance at $0.2550, while another decline should take place if Dogecoin fails to trade above today’s high of $0.2335.
The Bollinger bands are narrow on the 4- hour price analysis indicating that DOGE is experiencing low volatility. DOGE/USD rice has crossed below the lower Bollinger band, indicating that the market is negative. The seller’s dominance on the four-hour price analysis chart seems to have wholly outnumbered the bulls, and the bear trend might continue before the daily price analysis chart closes.
1-hour Dogecoin chart: Bullish signal
On the hourly chart, the status of the current trend is neutral, with two consecutive dojis. It must be formed today before we can figure out whether a candlestick will move toward resistance or support.
On the short-term 15-minute chart, the dogecoin price is currently trading inside yesterday’s bullish candlestick. However, there is significant resistance at $0.2500, which was broken this morning.
Dogecoin’s price had suffered a significant drop in recent weeks after establishing a new swing high at $0.35 in August. The DOGE/USD pair subsequently went through two downturns, the first of which was $0.28 and the second of which was $0.265.
Dogecoin Price Analysis: Conclusion
Today Dogecoin is trading in a bearish trend. Despite the coin trading negatively, most indicators signal a potential price surge. We anticipate DOGE/USD to be bearish in the next 24 hours.
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.