- Dogecoin declined over 3 percent on the intra-day market
- Trading volume dropped over 28 percent
- Price remains above 20-day moving average with a strong RSI
Dogecoin price analysis for the day shows a declining position for the token. DOGE fell more than 3 percent on the intra-day trade, with trading volume falling over 28 percent. However, price remains above the 20-day simple and exponential moving averages, suggesting there is substantial bullish momentum in the token. After rising as high as $0.27 earlier in the week, the meme cryptocurrency has faced a slight correction with price hovering within the pivot region of $0.236 and $0.254. According to technical indicators, Dogecoin is set for a consolidation period after rising from $0.205 on October 4, with potential for a breakout up to the resistance at $0.279.
The larger cryptocurrency market followed Dogecoin’s trend in large scale declines. Only Bitcoin gave a positive outlook, increasing almost 2 percent to settle just below $55,500. Ethereum went down a single percent to stay above $3,500, while Altcoins also fell into the red zone. Cardano, Polkadot and Solana all decreased around 1.5 percent, to sit at $2.24, $35.89, and $154.28, respectively. Like Bitcoin, Ripple also moved up a percent to $1.17.
DOGE/USD 24-hour chart: Price declines but shows positive technical indicators
On the 24-hour chart, Dogecoin can be seen declining in terms of price, but stays positive in view of technical indicators. Price fell more than 3 percent on the day with trading volume dropping 28 percent. However, price still remains above the 20-day exponential moving average (EMA), suggesting that a significant turnover hasn’t taken place since the price decline started yesterday. The Relative Strength Index (RSI) also shows a strong value of 52, indicating a valued status of the token.
DOGE/USD 4-hour chart: Bearish outlook presents worrying sight
On the 4-hour chart, Dogecoin price analysis presents a worrying outlook. Price can be seen dipping over the last few trading sessions and moving below the moving averages. The RSI value is also at a bearish state of 46.19. The Moving Average Convergence Divergence (MACD) line continues below the neutral zone at just above 0.00. All technical indicators point towards a continuing decline for DOGE, which could go as low as $0.22 over the next trading session if buyers do not enter the market by close.
Dogecoin price analysis: Conclusion
In conclusion, Dogecoin still carries enough bullish momentum to consolidate well above support at $0.21, even though price has declined over 3 percent on intra-day trade. The 24-hour indicators show a consolidation period for DOGE. However, the short-term indicators suggest a bigger decline towards support at $0.214 is on the cards. In current trend, buyers may come into the market late and stop the expected decline. However, any movement below $0.231 would present cue for a bear run to set in for Dogecoin.
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