Dogecoin price analysis: DOGE price rapidly declines below $0.07367 as bears exert control

Dogecoin price analysis

TL;DR Breakdown

  • DOGE/USD shows a negative market sentiment
  • DOGE price faces rejection at $0.07715
  • The immediate support is found at $0.0724

Dogecoin price analysis is going through a loss as the price underwent a decline up to $0.07367 today. The downtrend has been quite constant since the start of the week, and even today the price has followed a downward movement. The reversal in trends had been quite unexpected as the bulls were leading the previous week, Nonetheless, the bears have taken charge once again and the price has been devalued.

DOGE/USD 1-day price chart: Bearish swing deflates price levels to $0.07367

The bearish momentum has been intensifying according to the one-day Dogecoin price analysis. The price has been downgraded to $0.07367 with a loss of 3.48% in the last 24 hours. The price had initially surged to $0.07715 but encountered a rejection level, and this was when the bearish sentiment had begun to show up. The past few days have been quite discouraging for the cryptocurrency as a strong bearish trend was going on. Similar trends have been reported during the last 24 hours as well. The price has gone below the moving average (MA) value as well which is standing at $0.819.

image 372
Source: TradingView

The volatility is increasing which means that the downswing might last for the coming days as well. If we discuss the Bollinger bands Indicator, then its upper value is at $0.07715 and the lower one is at the $0.0724 position. The Relative Strength Index (RSI) has been posted at the 45.17 level which suggests that the market is heavily in favor of the bears.

Dogecoin price analysis: Bearish depression results in collapse below $0.07367

The 4-hour Dogecoin price analysis is showing signs of bearish momentum as the price decreased quite significantly. The price has been declining consistently as the cryptocurrency is showing a downward tendency. A reduction in price has been recorded in the last four hours as well as the price levels moved down to $0.07367. Moving on, the moving average indicator is showing its value at $0.0748 at the time of writing.

image 373
Source: TradingView

The volatility has increased because of the bearish slope and the Bollinger bands are expanding. The upper Bollinger band is standing at $0.0881, the lower Bollinger band is at $0.0704, and the overall average is being maintained at $0.0794. The RSI score dropped drastically to 30.91 as well, quite near the undersold zone.

Dogecoin price analysis conclusion

To conclude, the Dogecoin price analysis shows that a downtrend has been following since the start of the week. The bears are leading the game at the moment and the price levels have been brought down to $0.07367 as a consequence. A Further downfall can be expected as the bears have been dominating for the past few hours as well. The price has been persistently moving down, which means that chances of improvement for the bulls are still on the limited side.

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.

Ann Mugoiri

Ann Mugoiri

Ann likes to write about crypto and blockchain technology. She has been following the development of these technologies for a few years and believes that they have the potential to disrupt many industries.She has specialized in technical analysis to help cryptocurrency traders make more informed decisions.

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