- Dogecoin price analysis suggests downwards movement towards the $0.2000 mark
- The closest support level lies at $0.2300
- DOGE faces resistance at the $0.2400 mark
The Dogecoin price analysis shows that after failing to climb above the $0.2650 mark, the sellers broke the $0.2500 support level as DOGE returned to the $0.2250 mark. Since then, the price has recovered to the $0.2370 mark but the selling pressure is yet to disperse.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include LUNA and SOL recording a 5.41 percent decline each.
Dogecoin price analysis: DOGE recovers to the $0.2400 mark, can the bulls breakthrough?
Across the technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. However, the bearish momentum has been decreasing in recent hours as observed in the lighter shade of the histogram. This took place as DOGE recovered 0.2300 mark towards the $0.2400 mark, however, the indicator may continue on its downward spiral if the price is rejected at the $0.2400 mark.
The EMAs are trading close together as the 12-EMA was trading horizontally over the last 12 hours as the price action made a recovery towards the $0.2400 mark. Similarly, the trailing 26-EMA also saw a decrease in its downwards slope as the EMA caught up to the recent price movements.
The RSI is currently neutral and trades at a low height, close to the oversold region at the 32.72 index units mark. The indicator is currently moving upwards suggesting a return to the mean level at 50.00 index points. At press time, the indicator’s low position suggests that there is little to no room for further downwards movement for the Dogecoin price across the short term.
The Bollinger Bands are currently wide but show convergence as the price action oscillates below the $0.2400 mark. As the price action consolidates above the indicator’s mean line, traders can expect the indicator to converge in the center showing a further decline in DOGE price volatility as the bulls gain momentum around the $0.2400 mark.
Technical analysis for DOGE/USDT
Overall, the 4-hour Dogecoin price analysis issues a sell signal as 14 of the 26 major technical indicators support the bears across the timeframe. On the other hand, only two of the indicators support the bulls showing significant buying activity in the markets. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour Dogecoin price analysis accentuates this sentiment and issues a buy signal with 15 of the indicators supporting the sellers against only two indicators suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts. At the same time, ten of the indicators do not support either side of the market and stay neutral.
What to expect from the Dogecoin price analysis?
The Dogecoin price analysis shows that the bulls struggled and failed in climbing above the $0.2600 price level, causing the support at $0.2580 to collapse. The selling pressure escalated suddenly and DOGE observed a sharp drop as the price fell to the $0.2225 mark within hours. While the price has recovered since then, the selling pressure remains.
Currently, traders should expect the price to consolidate at the current level before breaking below towards the $0.2000. This suggestion is supported by the short-term indicators that show bearish exhaustion while the mid-term analyses still show strong support for the downwards movement.
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