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Dogecoin price analysis: DOGE/USD is falling as prices reach $0.07808

DOGE

The Dogecoin price analysis indicates that the cryptocurrency has suffered losses once again during the last 24 hours. The price dropped to a low of $0.07808 as a result of the bears’ actions, but they were able to hold onto the lead. Dogecoin prices have found some support around $0.07539, and the resistance is currently at $0.08673. The dogecoin market has a trading volume of $845,061,810, and the market capitalization is currently at $10,335,484,326.

Dogecoin price analysis on 1-day chart: Bearish momentum continues

The 1-day Dogecoin price analysis reveals that the price of DOGE has dropped today. The price has fallen to $0.07808 at this time after reaching a high of $0.08673 and a low of $0.07539, respectively, indicating that the bears have largely maintained the lead throughout.

image 329
DOGE/USD 1-day price chart, Source: TradingView

The Relative Strength Index (RSI) indicator is currently at 48.20, which indicates that assets are stable and falling into the lower neutral region, showing that the bears are in control of the market. On the other side, the volatility is significant, which is also a bad sign for Dogecoin in the current situation. The Bollinger bands’ upper and lower values, serve as the strongest support and resistance levels for the coin. The upper value is trading at $0.1113, and the lower value is currently at $0.0788. The MACD line (blue) is below the signal line (red), which reveals a bearish trend, and prices continue to decline.

DOGE/USD 4-hour price chart: Latest development

The 4-hour Dogecoin price analysis reveals that although the price function swung downward four hours earlier, the price breakout was greater at the beginning of the trading day. The lower Bollinger band is currently at $0.0945, while the upper Bollinger band is currently at $0.0755; if the downward trend continues, the price will shortly go below the lower band.

image 328
DOGE/USD 4-hour price chart, Source: TradingView

The Moving Average Convergence, Divergence (MACD) line is below the signal line, which is a sign that the bears are tenuously maintaining their position. The Relative Strength Index (RSI) is trading at 30.97 on a 4-hour price chart, indicating that the selling pressure is on a high note.

Dogecoin price analysis conclusion

In conclusion, the one-day and four-hour Dogecoin price study has verified that the price has decreased today. Despite the market’s present bearish trend, there remains a chance that the bulls may regain control and drive prices higher. Furthermore, given that all market signs point to the possibility of further downside, this is unlikely to occur in the near future.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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