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Dogecoin price analysis: DOGE/USD pair set to dip further in the next 24 hours

Terra price analysis

TL;DR Breakdown

  • Dogecoin price analysis supports bears.
  • DOGE/USD pair is currently trading at $0.1191.
  • Support for DOGE is found at $0.1151.

Dogecoin price analysis has now dropped below the $0.100 mark, suggesting a downtrend, as seen in the past 24 hours. Looking at the market situation from a broader perspective has shown to be highly unhelpful to buyers. A continuing downtrend has been on the upswing, and a similar trend has been seen in Bitcoin prices.

A support level has been found at $0.1151, which may temporarily halt the price decline. However, if this level is breached, the next stop could be as low as $0.1008. In contrast to this negative outlook, indicators are giving mixed signals. On the one hand, the RSI indicates oversold conditions, and on the other hand, MACD is still in a bullish trend.

DOGE/USD 1-day price chart: bearish activity at peak as price levels shrink further

The Bollinger bands are starting to tighten, reflecting the contracting volatility in the market. A breakout could happen in either direction, but a move downwards is more likely at this point. The Chaikin Money Flow indicator also points towards selling pressure, with money flowing out of the market.

A continuing downtrend has been on the upswing, and a comparable trend has been seen in Bitcoin prices. A support level has been found at $0.1151, which may temporarily halt the price decline. However, if this level is breached, the next stop could be as low as $0.1008. In contrast to this negative outlook, indicators are giving mixed signals.

Dogecoin price analysis: DOGE/USD pair set to dip further in the next 24 hours 1
DOGE/USD 1-day price chart. Source: TradingView

The volatility in the market is starting to contract, as indicated by the Bollinger bands. This could lead to a breakout in either direction, but a move downwards is more likely at this point. The Chaikin Money Flow indicator also points towards selling pressure, with money flowing out of the market.

Dogecoin price analysis: Recent developments and further technical indications

The four-hour chart shows that the price is in a downtrend and is below the 200-period moving average. The RSI is in oversold territory, and the MACD is still in a bullish trend, which could provide some support for the price. However, if the downtrend continues, the next stop could be as low as $0.1008.

Dogecoin price analysis: DOGE/USD pair set to dip further in the next 24 hours 2
DOGE/USD 4-hours price chart. Source: TradingView

The MACD is still in a bullish trend, which could support the price. However, if the downtrend continues, the next stop could be as low as $0.1008.

The four-hour chart shows that the price is in a downtrend and is below the 200-period moving average. The RSI is in oversold territory, and the MACD is still in a bullish trend, which could provide some support for the price.

Dogecoin price analysis conclusion

DOGE is currently in a downtrend and is trading below the $0.100 mark. The indicators give mixed signals, but the overall trend seems to be downwards. A support level has been found at $0.1151, but if this is breached, the next stop could be as low as $0.1008.

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.
William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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