- Dogecoin heads upwards after gaining continual bullish traction since December 21
- Price jumped as high as $0.1929 with trading volume falling 17 percent
- DOGE heads towards testing region of $0.21 resistance to present buying opportunity
Dogecoin price analysis shows slight decline in price that presents a buying opportunity in the market for DOGE. Price lowered just under 5 percent on the day, sitting at $0.1819 at the time of writing. However, the next target on trajectory for the meme cryptocurrency will be the $0.21 resistance point. This could provide short sellers with an entry point in expectation of a bullish trend to breakout. This is also confirmed by the composite index for DOGE that is set to cross the moving averages.
The larger cryptocurrency market also suffered declines over the past 24 hours, as Bitcoin dropped below the $50,000 mark with a 3 percent drop. Ethereum also lost the $4,000 floor with a 3 percent dip, while Altcoins continued to suffer. Polkadot and Terra outperformed other cryptos in losses, falling 6 percent each, whereas Solana and Cardano fell 3 and 2 percent each, respectively.
DOGE/USD 24-hour chart: Buyers expected to push price with RSI maintaining strong support
On the 24-hour chart for Dogecoin price analysis, price can be seen declining over the past 24 hours after consecutive increments over the past week. However, the relative strength index (RSI) value of 47 suggests of a relatively healthy market valuation that could indicate a buying opportunity within the current blip. The Moving Average Convergence Divergence (MACD) also shows positive signs, sitting well above the neutral zone and just below the 0.00 mark.
DOGE/USD 4-hour chart: Price falls below crucial EMAs
The 4-hour chart for the DOGE/USD trade pair confirms the current decline in action, as price falls below the crucial 50-day exponential moving average. Other signs also indicate bearish readings, with the RSI value of 40 showing little buyer interest over the short-term in the token. The picture also confirms that a buying opportunity is in place before price kicks upwards to the $0.21 resistance. Over the short term, DOGE could decline till $0.16 before support comes in.
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