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Dogecoin price analysis: DOGE depreciates at $0.1371 after bearish run

DOGE

TL;DR Breakdown

  • Dogecoin price analysis appears to be bearish.
  • The strongest resistance is present at $0.1591.
  • The strongest support is present at $0.1352.

The Dogecoin price analysis reveals the market following a bearish movement showing massive room for further depreciation. On April 20, 2022, the price of Dogecoin was $0.1461. DOGE/USD cost of the meme cryptocurrency has experienced a gigantic downtrend which has caused the value of Dogecoin to crash to $0.1347 on April 22, 2022.

Today, on April 22, 2022, the cryptocurrency price regained some of its value and reached $0.1371. Dogecoin has been down 2.90% in the last 24 hours, with a trading volume of $679,976,381. DOGE currently trades at $0.1371 and ranks #11 with a live market cap of $18,154,236,527.

DOGE/USD 4-hour price analysis: Recent developments

Dogecoin price analysis reveals the market’s volatility following a slight opening trend. With its volatility following an opening movement, the value of the cryptocurrency is more likely to undergo volatile change. It seems that the DOGE/USD price has become more vulnerable to change from either extreme. The upper limit of the Bollinger’s band is present at $0.1457, which represents the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1352, 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 support point. If they happen to meet in the coming days, the market might lose its momentum and reverse the market dynamic; for now, the market appears to move in a bearish domain, decreasing the value of the cryptocurrency.

Dogecoin price analysis: DOGE depreciates at $0.1371 after bearish run 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 below the lower neutral region and entering the devaluation region. In addition, the RSI seems to follow a downward path, indicating a decreasing market and dominant selling activity.

Dogecoin Price Analysis for 1-day: DOGE loses value

Dogecoin price analysis reveals the market’s volatility experiencing a dormant movement with the resistance and support bands staying their places. The price of the meme cryptocurrency will proceed with volatility and become resistant to volatile change on either extreme. The upper limit of the Bollinger’s band is present at $0.1591, which serves as the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1283, 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 solid bearish trend in the last couple of days but is showing signs of a reversal now as the price starts to move towards the support attempting to break the support.

Dogecoin price analysis: DOGE depreciates at $0.1371 after bearish run 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 47, which shows that the value of the meme cryptocurrency is stable, falling in the central neutral region. As a result, the RSI appears to be moving linearly, indicating that the cost is constant and signifies equal selling and buying activity.

Dogecoin Price Analysis Conclusion

Concluding the Dogecoin price analysis, we deduce that the meme cryptocurrency has entered the bearish domain again. The bears are hard at work, decreasing the value and taking the bulls out of the picture. Although, as a result, the trend shows signs to be reversed in a few days. However, as of now, the market is suffering in bearish dominion.

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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