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Dogecoin price analysis: DOGE enters correction at $0.073 as the bearish wave takes over

Dogecoin price analysis: DOGE enters correction at $0.073 as the bearish wave takes over

TL;DR Breakdown

  • Dogecoin price analysis bearish price function.
  • The next support for DOGE/USD is present at $0.068.
  • Resistance for DOGE is present at $0.079.

Today’s price movement is bearish, according to the Dogecoin price analysis. As the coin’s market mood failed to remain optimistic and the bearish pressure returned, a decline in price was seen. Since the first day of December 2022, the DOGE/USD has been in a downward trend as bears have controlled the larger crypto market and DOGE, which has experienced ongoing losses. After following the most recent slump, DOGE’s price has fallen to $0.073, suffering significant damage. The next level of support for DOGE is at $0.068 as long as the bears continue to advance.

DOGE/USD 1-day price chart: DOGE price levels continue sinking

According to the 1-day Dogecoin price analysis, the price fell today as a result of renewed selling pressure. The price of the DOGE/USD pair has dropped significantly over the previous several days, and bears have maintained their advantage. At the time of writing, the cryptocurrency pair is now trading at $0.073. The value of DOGE has decreased by 1.30 percent over the previous day and by about 19.35 percent over the past week. The coin value is expected to continue to decline over the next few hours.

DOGE 1d 3
DOGE/USD 1-day price chart. Source: TradingView

The Bollinger bands indicator indicates that the DOGE/USD pair is volatile because the indicator’s arms are still moving in different directions. The lower band is present at the $0.068 mark and serves as support for the price of the coin. The upper band, which represents resistance for the cryptocurrency pair, is present at the $0.110 mark. The mean average line of the Bollinger bands is above the price level at the $0.089 mark.

The relative strength index (RSI), which depicts the selling activity occurring in the market, is currently trading in the bottom half of the neutral zone on a downward slope. The RSI indicator’s curve has a 35 index value.

Dogecoin price analysis: Recent developments and further technical indications

As price levels continue to drop following the price breakout lower at the start of today’s trading session, the 4-hour price chart for the Dogecoin price analysis reveals bearish momentum over the past four hours. The coin hasn’t yet found support, and bears appear to be getting stronger as selling pressure increases. The earlier bullish attempts have been halted, and as the correction continues, the price function is once again covering the range downward.

DOGE 4h 3
DOGE/USD 4-hour price chart. Source: TradingView

The volatility is mild on the 4-hour chart as Bollinger bands are expanded, with the upper band at the $0.079 mark and the lower band at the $0.070 mark; the price is trading below the mean average of the volatility indicator, which is a bearish indication for today’s trend. The relative strength index shows movement downwards near the undersold zone and is present at index 35; the indicator is still in the lower neutral range.

Dogecoin price analysis: Conclusion

Given that today’s trading activity has primarily been selling, the Dogecoin price analysis shows a bearish trend. Most technical indicators suggest the bearish trend as well. The RSI indicates that the negative trend may get worse because it has flattened out again close to the undersold area on the 4-hour chart.

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.

Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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