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Dogecoin price analysis: DOGE moves towards bearish dynamics at $0.05444

Dogecoin price analysis
TL;DR Breakdown
  • Dogecoin price analysis shows a downtrend
  • DOGE prices have set support at $0.05067
  • DOGE prices are facing resistance at $0.0600
image 244
Cryptocurrencies prices heatmap, source: Coin360

Dogecoin price analysis shows that the digital asset is currently in a downtrend as it has failed to remain above the $0.058 support level. Despite the recent price rebound, the digital asset is still trading below the $0.0600 resistance level. The Dogecoin price analysis shows that the Dogecoin price today is $0.054443 with a 24-hour trading volume of $765,238,721. Dogecoin is down 4.60% in the last 24 hours.

Dogecoin price analysis: Technical analysis

Dogecoin price analysis indicates the prices are currently trading along a declining channel and have set support at $0.05067. The digital asset is likely to face further selling pressure if it breaks below this support level. On the other hand, if Dogecoin manages to stay above this support level, it could rise towards the $0.0600 resistance level.

image 242
DOGE/USD 24-hour price chart source: TradingView

The daily chart for Dogecoin price analysis shows the indicators pointing to the bearish side of the market. The MACD is currently in bearish territory and is likely to see further downside momentum. The RSI is also currently in bearish territory, which indicates that prices could fall further in the near term. The 50-day moving average is currently at $0.057 and the 200-day moving average is at $0.061, which shows that the path of least resistance is to the downside.

DOGE/USD 4-hour price analysis: Bears in control

The 4-hour Dogecoin price chart shows that the digital asset is currently in a downtrend as it has failed to remain above the $0.058 support level. Despite the recent price rebound, the digital asset is still trading below the $0.0600 resistance level. The Dogecoin price analysis shows that the Dogecoin price today is $0.054443 with a 24-hour trading volume of $765,238,721. Dogecoin is down 4.60% in the last 24 hours.

image 243
DOGE/USD 4-hour price chart source: TradingView

The 4-hour technical indicators are showing bearish signals as the MACD is in bearish territory and is likely to see further downside momentum. The Relative Strength Index is also currently in bearish territory, which indicates that prices could fall further in the near term. The moving averages are also showing bearish signals as the 50-day moving average is currently below the 200-day moving average. This indicates that the path of least resistance is to the downside.

Dogecoin price analysis conclusion

Dogecoin price analysis sums up that the prices are still in the bearish territory as it has failed to remain above the $0.058 support level. Despite the recent price rebound, the digital asset is still trading below the $0.0600 resistance level. The technical indicators are also showing bearish signals which indicate that prices could fall further in the near term.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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