- Dogecoin price analysis is bearish today.
- DOGE/USD saw another test of upside earlier today.
- Bearish momentum returned this morning.
Dogecoin is falling today, as we anticipate additional declines to follow over the next 24 hours after yet another increase was thwarted yesterday. As a result, DOGE/USD has established a double top, which may lead to further selling later today.
So far, we see that the new wave started out looking fairly promising, as we managed to break above May’s high prices. However, DOGE/USD turned back and closed below today. As a result of this latest bearish push, we can expect Dogecoin to fall over the next 24 hours.
Dogecoin price movement in the last 24 hours: Dogecoin spikes to $0.2274, rejects further upside overnight.
Dogecoin price analysis shows that the market has been in an uptrend for several days now. Although prices have continued to touch highs around $0.0024, it appears that this is not enough to keep them above this key level of resistance. This resistance level is currently being tested again today, with prices returning down by about -4%.
Despite this latest decline, however, we can still see multiple bullish indications in both the medium-term and long-term scales. For example, short-term technical indicators are flashing green after suggesting increased selling momentum earlier today. Furthermore, the RSI indicator is still above 50, suggesting the market has not yet entered oversold territory.
Overall, it appears that the current selloff may be a good opportunity for investors to accumulate more Dogecoin in anticipation of further price increases over the coming weeks and months. Although some short-term indicators are arching red, we believe that the overall trend is still bullish, and prices have not yet peaked.
DOGE/USD 4-hour chart: DOGE looks to retrace previous gain
The Dogecoin price is under a lot of pressure on the four-hour chart, which is expected to lead to a significant retrace today.
The MACD for DOGE/USD is currently in bearish territory and shows no sign of bullish in the short term. This can be seen by the MACD’s negative divergence from price action and the MACD line crossing below the signal line. The RSI is at 50, indicating that there is still some buying pressure left in the market. However, this may not last long, as the overall trend seems to be downwards at the moment.
The Bollinger Bands for DOGE/USD are expanding, as indicated by the widening gap between both bands. Ranging can be seen occurring over the past few hours, which suggests that the market is beginning to narrow; price action will either break out of this consolidation or return to trade within its boundaries.
The Dogecoin price plummeted to a new low yesterday, and the second test of upside occurred overnight. The pattern continued its downward slide today, resulting in bearish momentum taking over this morning.
Dogecoin Price Analysis: Conclusion
The price of Dogecoin is in a bearish trend today, as additional upside was rejected yet again overnight, resulting in a drop to $0.215 this morning. Later today, we may expect DOGE/USD to fall even further, as bears look for another higher low to set.
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