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Dogecoin price analysis: DOGE finding support around $0.07091 after a rapid downtrend

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows a bearish market trend
  • Dogecoin prices have been on a downtrend for the past few days
  • DOGE/USD found resistance at the $0.0782 level

Dogecoin price analysis shows the prices are down by 4.41 percent in the last 24 hours. The selling pressure looks to persist as the general market appears to be in a consolidation mood. Prices are currently testing the support at around $0.07091, which is the immediate support area. If prices close below this level, it would confirm a bearish trend in the market. At the time of writing, DOGE is trading at $0.07091 and currently has a trading volume of $666,625,932 in the last 24 hours according to data from CoinMarketCap.

The prices have been trading in a continuous downtrend as prices slope from the highs of $0.0.0782 to the lows of $0.07091. The market trend is currently bearish as the prices are trading below the previous support lines. A consolidation phase is underway as prices are testing the immediate support area. However, the market dominance for DOGE is currently at 0.13 percent with a total market capitalization of $9 billion according to CoinMarketCap.

DOGE/USD 1-day price analysis on the daily chart: Bearish trend continues

The Dogecoin price analysis for the daily chart for DOGE/USD shows that the prices have been on a downtrend currently. Prices are trading in a bearish trend as the prices have dropped below the previous support lines. The bulls need to establish a foothold above $0.0782 to indicate a reversal in the trend. If the prices remain below this level, then the bearish trend is likely to persist.

image 399
DOGE/USD 4-hour price chart, Source: TradingView

The market trend is currently bearish as the prices are trading below the previous support lines. The moving averages are also in a bearish crossover as the 50-day simple moving average has crossed below the 200-day simple moving average. This is a bearish signal and indicates that the prices may continue to fall in the near future. The Relative Strength Index is currently at 43.45, which is in the oversold region. This indicates that the prices may witness a corrective rally in the near future. The market volatility however is low on the 1-day chart and this indicates that the market is currently in a consolidation phase as the Bollinger bands are narrow.

DOGE 4-hour price analysis: Recent developments and further technical indications

The Dogecoin price analysis on the 4-hour chart for DOGE/USD shows that the prices have been on a downtrend since the last of yesterday’s trading session. However, the bull was in control of the market the previous week as the prices rallied and reached a high of $0.094. The prices have been in a continuous downtrend as the bearish momentum started to take control of the market.

image 398
DOGE/USD1-day price chart, Source: TradingView

The moving averages are in a bearish crossover as the 50-day simple moving average has crossed below the 200-day simple moving average.

The Relative Strength Index is currently at 32.07 and is in the oversold region. This indicates that the prices may witness a corrective rally in the near future. The market volatility however is low on the 4-hour chart and this indicates that the market is currently in a consolidation phase, with the upper Bollinger band at $0.0813, and the lower band at $0.0.0722.

Dogecoin price analysis conclusion

Dogecoin price analysis shows that the market trend is currently bearish as prices are trading below the previous support levels. A consolidation phase is underway and a further decline is expected in prices if the general market conditions remain bearish. Further decline is anticipated before buyers emerge to push prices higher.

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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