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Dogecoin price analysis: DOGE/USD recovers slightly after touching local support at $0.0980

Dogecoin

TL;DR Breakdown

  • Dogecoin price analysis shows DOGE/USD consolidating sideways for the most part
  • Dogecoin has set a local high at $0.1028 and a low at $0.0980 today
  • The 4-hour Dogecoin chart shows some recovery near the end of the day today
  • The market is still uncertain so it is not the best time to invest for short-term gains

Dogecoin price analysis shows bearish sentiment consistently for the second day after falling from $0.1119. However, near the end of the day, it has shown some recovery after touching local support at the $0.0980 mark. For now, DOGE/USD continues to consolidate between $0.1027 and $0.0980.

Crypto heat map
Cryptocurrency heat map by Coin360

The crypto heat map shows that both Ethereum and Bitcoin (the two major coins) are currently in the greens, marking an increase of 0.87 percent and 0.46 percent respectively. On the other hand, Dogecoin is currently in the red zone along with a few other altcoins such as Litecoin and Cardano.

1-day Dogecoin price analysis
Dogecoin Price Chart by TradingView

Based on the 1-day Dogecoin price analysis chart above, DOGE/USD is further headed to the downside as the MACD histograms are losing their positive energy. The momentum is ready to shift, and the bears are slowly winning this ongoing tug-of-war. So, the next 24 hours are going to be more bearish for Dogecoin.

Dogecoin 24-hour price analysis

In the last 24 hours, Dogecoin has set a local high at $0.1028 and a low at $0.0980. If we zoom in, the overall trend has been toward the downside, although there is not much volatility in the market right now. Hence, from the bigger picture, we can say that Dogecoin is still consolidating sideways.

Based on the 24-hour data, Dogecoin’s overall market cap has reduced by 1.21 percent while its trading volume has fallen by 49 percent. So, its overall 24-volume / Market Cap ratio has turned out to be 0.0402, leaving it at a market rank of 8.

4-hour Dogecoin price analysis: DOGE/USD finds local support at $0.0980

4-hour Dogecoin price analysis
Dogecoin Price Chart by TradingView

The 4-hour Dogecoin price analysis chart shows that DOGE/USD has recently found local support around the $0.0980 mark. After this, a noticeable jump was seen in the RSI line’s gradient and the MACD histograms also started improving. However, this little recovery is not enough to determine whether Dogecoin is headed for the upside in the next 24 hours. The local support must be tested at least one more time. For now, the market remains just as uncertain as it was at the start of the day today.

Dogecoin price analysis: Conclusion

Dogecoin price analysis is full of uncertainties today. For the most part, DOGE/USD has consolidated sideways. However, little improvement and recovery can be seen near the end of the day on the 4-hour Dogecoin price analysis. But this alone is not sufficient to say that Dogecoin is going to recover. For now, it is best not to invest for any short-term gains. However, long-term investors may want to read our detailed Dogecoin price prediction before investing.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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