Dogecoin price analysis is highly bearish today, as price continues along a descent that initiated on May 31, 2022. Since then, DOGE traded horizontally for an extended period before crashing further on June 10. Since then, price has fallen more than 14 percent to as low as $0.063. Bears continue to look for aggressive sell offs as Bitcoin breaks below the $28,000 mark. Amid the current decline, DOGE market cap dropped more than 12 percent to $8.7 billion. Conversely, trading volume increased more than 31 percent as selling action dominated the market.
The larger cryptocurrency market trended downwards over the past 24 hours, led by Bitcoin’s decline below the $28,000 mark. Ethereum also lowered down to $1,500 with a 1.5 percent dip. Among leading Altcoins, Cardano lowered 4 percent to $0.53, while the Binance token dropped down to $265.73. Ripple stabilised around $0.361, as Solana and Polkadot dropped 2 percent each to $33.74 and $7.90, respectively.
Dogecoin price analysis: RSI drops into severe oversold region on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen making an extended dip past previous support at $0.068. A descending triangular pattern can be seen forming, with price currently falling towards the next support region around $0.060. However, buyer interference is expected as soon as Bitcoin price picks up, and buyers could come into the market at discounted price over the next 24 hours. Buyers found rejection around the 20-day exponential moving average (EMA) at $0.081 which was an important resistance area and now has also fallen below the 50-day EMA at $0.076.
The 24-hour relative strength index (RSI) has moved into severe oversold zone at 27.54 and looks likely to move further downward as market valuation for DOGE declines. It is also indicated by the rising trading volume, recording a 32 percent increase over the past 24 hours – majorly incurring selling action. The moving average convergence divergence sits above the neutral zone for now, but is forming lower lows and could attempt a bearish divergence over the next 24 hours. Over the next 24 hours, DOGE price could fall further towards the $0.060 support zone, however buyers could come in and rescue price up to the 50 EMA.
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