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Dogecoin price analysis: DOGE positive for $0.1380

DOGE

TL;DR Breakdown

  • Dogecoin price analysis appears to be bearish.
  • The strongest resistance is present at $0.1625.
  • The strongest support is present at $0.1355.

The Dogecoin price analysis reveals the market following a bearish movement showing bullish potential. On February 18, 2022, the price of Dogecoin was $0.1379. The cost of the meme cryptocurrency has experienced an uptrend which has caused the value of Dogecoin to increase slightly to $0.1406. On February 19, 2022, the price spiked towards the $0.1460 mark, just before experiencing a downtrend today on February 20, 2022, which reached $0.1401 just before declining further towards $0.1308. Dogecoin has been up 2.33% in the last 24 hours, with a trading volume of $535,243,385. DOGE currently trades at $0.1308 and ranks #11 with a live market cap of $18,284,512,984.

DOGE/USD 4-hour price analysis: Recent updates

Dogecoin price analysis reveals the market’s volatility to be following a closing trend, with its volatility following a closing movement which means that the value of the cryptocurrency is less likely to experience volatile change. It seems that the DOGE/USD price has become less vulnerable to undergo change on either extreme. The upper limit of the Bollinger’s band is present at $0.1625, which represents the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1355, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating bearish movement. However, tracing the path of the DOGE/USD price, we can also deduce that the price moves towards the MA curve. If they happen to meet in the coming days, the bulls might use that to their advantage and reverse the market dynamic; for now, the market appears to move in a bearish domain, declining the value of the cryptocurrency.

Dogecoin price analysis: DOGE positive for $0.1380 1
DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is at 39, which means the assets are slightly undervalued, falling into the lower neutral region. In addition, the RSI seems to follow an upward path, indicating an increasing market and movement towards stability.

Dogecoin Price Analysis for 1-day: DOGE depreciates

Dogecoin price analysis reveals the market’s volatility experiencing a dormant movement with the resistance and support band moving toward each other. The price of the meme cryptocurrency will remain constant until the volatility fluctuates. The upper limit of the Bollinger’s band is present at $0.1625, which serves as the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1316, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. It seems that the meme cryptocurrency has been experiencing a strong bearish movement in the last couple of days but has maintained its side with the bears. However, the bears might not be able to keep this trend for long if the price breaks the support.

Dogecoin price analysis: DOGE positive for $0.1380 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 41, which shows that the value of the meme cryptocurrency is stable, falling in the lower neutral region. However, the RSI appears to be moving slightly downwards, which indicates that the cost is decreasing; it also shows the dedication of the bears as they give strong momentum to the selling activity.

Dogecoin Price Analysis Conclusion

Concluding the Dogecoin price analysis, we can deduce that the meme cryptocurrency has begun to have entered a whole bearish domain where the bears will work hard on depreciating the value. Although the trend will probably be conserved for a while now, we might see a bearish dominion for a long time.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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