Dogecoin price analysis shows that the market has recently lost some of its bullish momentum and is currently trading in a bearish trend. The price of DOGE/USD slid below the $0.07034 support level and is currently hovering around $0.071. The price is struggling to stay above the $ 0.072 level and could face further bearish pressure in the coming days if it fails to recover from the current levels.
The digital asset has been struggling to maintain its upward momentum and has lost over 1.20% in the past 24 hours. At the time of writing, DOGE is trading at the $0.07141 mark as sellers continue to dominate the market.
DOGE/USD 1-day price chart: Price goes down to $0.07141 after a bearish run
One-day Dogecoin price analysis looking at the chart, we can see that DOGE has been following a descending channel since reaching its all-time high. The market is currently trading near the lower boundary of this channel and if it breaks below this level, it might retest the $0.07034 support level. Bears have been hindering the upwards price movement since then, and Yet, today, the bears have made a slight deficit as the price is now stuck in the $0.070 to $0.072 region.
The technical indicators are currently giving a bearish signal as the MACD line is above the signal line, and the RSI indicator is also below 50. This indicates that there is more downward pressure in the market than upward. The SMA lines are also crossing downwards and showing a bearish trend.
Dogecoin price analysis 4-hour price chart: Price sitting near the $0.07034 support level
The 4-hour Dogecoin price analysis shows the bulls ruled the price function most of the time for previous days, yet bears caused a sudden drop in price today, after a continual bullish lead. The bearish momentum has been minimal, yet it has been able to dodge past the bullish momentum and turn the daily candlestick red for today. However, the price has been recorded to be on the increasing side during the last four hours.
The Relative Strength Index (RSI) indicator is currently at 53.22 and it is slowly moving towards the oversold region, which is a good sign for the bulls. The MACD line is also above the signal line, indicating that there might be more downward pressure in the market than upward. The 50-SMA line has also crossed below the 200-SMA line, showing that a bearish trend might take place in the coming hours.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis shows that the market is bearish and it might continue to fall if the bears remain in control. If the bulls manage to push past the current resistance levels, then we might see some price rise in the near future. However, if the bears remain in control, then we can expect to see more downward pressure on the price.