Dogecoin price analysis: Price curve heads down towards $0.223 after rapid decline

Dogecoin price analysis Price curve heads down towards after rapid decline

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TL;DR Breakdown

  • Price has been lowered to $0.224.
  • Dogecoin price analysis supports bears.
  • Support is still fixed at $0.217.

The latest Dogecoin price analysis shows a bearish trend as a downward price movement has been recorded in the last 24-hours. The market has been following a bearish trend for the past few weeks, and the price has undergone a substantial decline. A similar trend was observed today as well, as the bears took hold of the market by taking the DOGE/USD value down to $0.224 end.

DOGE/USD 1-day price chart: Bearish wave continues impacting price tendencies

The one-day Dogecoin price analysis is confirming a downward trend for the cryptocurrency, as the bears have been leading the price chart even today. The past few weeks have proved to be quite unfavorable for the market value of DOGE/USD. Today’s trend has yet again proved to be on the negative side, as the price has decreased up to the $0.224 level. Meanwhile, the moving average (MA) value has dropped down to $0.237 as well.

DOGE/USD 1-day price chart. Source: TradingView

The increasing volatility is indicative of future trends, and it can be predicted that more downtrends are coming ahead. The Bollinger Bands Indicator holds vital importance in making the correct predictions, and its upper value is $0.287 while its lower value is $0.217. The Relative Strength Index (RSI) score moved down to 37.93 because of the bearish trend.

Dogecoin price analysis: Price levels up to $0.224 as bulls struggle for recovery

The price has undergone a slight recovery in the past few hours, as the buying momentum is intensifying. The buyers are putting in their efforts to rescue the cryptocurrency value from undergoing further decline. Their efforts have been successful so far, as the price is now $0.224 which is a sign of improvement. The price is yet to cross its moving average which is settling at the $0.226 mark.

DOGE/USD 4-hours price chart. Source: TradingView

Although a crossover between SMA 50 and SMA 20 was recorded in the earlier hours, the last four hours were quite supportive for the bulls. If we discuss the Bollinger bands values; then its upper value is found to be at $0.237 and its lower value is at $0.220. The RSI curve is showing an upward movement and the score has been enhanced to 39.36.

DOGE/USD technical indicators chart. Source: TradingView

A strong selling trend has been dominating the market for the past few weeks as the bears have been influencing the price movement. A total of 16 indicators are resting on the selling position, while nine indicators are on the neutral and only one indicator is on the buying position.

The Moving Averages Indicator is further confirming that the price is going down for DOGE/USD. We can see that 14 indicators are standing on the selling mark, one indicator is on the neutral mark while zero indicators are remaining on the buying mark. The Oscillators, on the opposite side, are showing a neutral trend as nine oscillators are on the neutral point, two oscillators are on the selling point and only one oscillator is on the buying point.

Dogecoin price analysis conclusion

The 1-day and 4-hours Dogecoin price analysis shows that the price has undergone a major decline during the day. The price has dropped down to $0.224 after undergoing a constant devaluation for the past two weeks. Although there have been instances where the bulls tried to take on the lead, the overall control has been in the hands of the sellers.

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.

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Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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