$ 1,187.01 2.79%
$ 38.49 4.00%
$ 0.072046 1.75%
$ 4.86 1.78%
$ 20,711.00 2.51%
$ 233.21 1.85%

Dogecoin price analysis: DOGE continues decline to head towards 3-month low of $0.1096

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows price declined another 2 percent over the last 24 hours
  • Price in line to reach 90-day low of $0.1096 if decline continues
  • Imbalanced price action remains unfavourable for buyers

Dogecoin price analysis remains bearish as the token continues the decline that started on March 1. Price has lowered more than 14 percent within the first week of the month, falling from $0.139 to a low of $0.115. This price imbalance without prospect of a proper breakout has deterred buyers from coming into the market for DOGE and the flurry around the meme token seems to have run its course. Over the past 24 hours, DOGE trading volume rose more than 22 percent and market capitalisation fell along with price, completing a bearish outlook for the token.

The larger cryptocurrency market showed positive signs compared to DOGE, as Bitcoin rose 2 percent to stay in touching distance of $39,000. Ethereum rose above $2,500 with a 2 percent increment, whereas Altcoins showed mixed results. Ripple declined 1 percent to $0.72, along with Cardano’s 2 percent decline down to $0.80. Meanwhile, Terra gained a significant 8 percent to move as high as $86.11. Solana rose up to $83.55 and Polkadot rose 3 percent to move as high as $17.10.

Dogecoin price analysis: DOGE continues decline to head towards 3-month low of $0.1096 1
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: No signs of an uptrend with bearish indicators on 24-hour chart

The 24-hour candlestick chart for Dogecoin price analysis shows price continuing to recede previous support levels and distributed moving averages (DMAs). The January support for DOGE currently sits 22 percent above current price while technical indicators do not show major signs for the formation of an uptrend. The relative strength index (RSI) shows a lowly market valuation for DOGE at 37.97, which coupled with a 22 percent rise in trading volume shows a scenario where sellers are dominating price action.

Dogecoin price analysis: DOGE continues decline to head towards 3-month low of $0.1096 2
Dogecoin price analysis: 24-hour chart. Source: Trading View

In addition, the moving average convergence divergence (MACD) has formed bearish lows since the crossover on March 6, and sits below the neutral zone. Over the next 24 hours, Dogecoin price is expected trade within a narrow range at the current trend and buyers must wait out the market stagnancy for a breakout to occur.

Disclaimer. The information provided is not trading advice. 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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

Cryptopolitan to host Vidma in upcoming Web3 Masterminds session
Bitcoin price analysis: BTC retests $21,500, swift drop to $20,000 incoming?
Eminem promotes a BAYC video alongside Snoop Dogg
Ossification of Bitcoin
Bitcoin, Binance Coin, Filecoin, and Helium Daily Price Analysis – 27 June Morning Price Prediction

Follow Us

Industry News

Nexo reacts to new Emblezzlement allegations and threatens legal action
Bear market 2022 hits crypto to its worst in historic records
Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b