Dogecoin price analysis: DOGE declines 4 percent after extended horizontal trend

Dogecoin Price analysis

Dogecoin price analysis continues to show bearish trend in place, as price dipped another 4 percent over the past 24 hours to record the lowest level in almost a month at $0.072. After an extended period of trending sideways since November 12, DOGE price succumbed to seller pressure and initiated another downward trend. Market cap dropped around 4 percent as well, moving down to stay just below the $10 billion mark. Support over the current trend sits at $0.070, whereas if bulls exert upward pressure, resistance is expected to be at around the $0.079 mark.

The larger cryptocurrency market went about a similar bearish trend to Dogecoin, as Bitcoin dropped another 3 percent to move below $16,000. Ethereum followed suit, declining 3 percent but staying just above the $1,100 mark. Among Altcoins, Ripple consolidated around the $0.36 mark, whereas Cardano dropped 2 percent to $0.30. Meanwhile, Solana dropped 4 percent to $11.85 and Polkadot 2 percent to $5.11.

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Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: DOGE moves below crucial EMA on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen undergoing an extended horizontal trend, before breaking into a downward descent since yesterday, where price moved down from $0.084 to $0.072. In the process, DOGE also moved below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.083. The price descend was coupled with a 41 percent increase in trading volume, indicating buyer interest in the meme cryptocurrency at discounted price.

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Dogecoin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen measuring level after an extended horizontal trend. It currently sits at 40.08, with further room for upward movement as market valuation for Dogecoin increases. The moving average convergence divergence (MACD) continues to present a bearish divergence as price declines towards the $0.070 support.

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.

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.

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