Dogecoin price analysis: Bearish drives DOGE to a low of $0.07175 after a bearish strike

Dogecoin Price analysis

TL;DR Breakdown

  • The price has been lowered to $0.07175
  • Dogecoin price analysis indicates a downtrend
  • Support is still strong at the $0.07155 level

The latest Dogecoin price analysis is showing signs of a downtrend, as the price has been following a decreasing movement for the last 24 hours. Although the cryptocurrency was under the bullish lead in the prior weeks, the trends have slightly shifted during the past few days. The bears have been successful in making their comeback on the price chart, as the red candlestick is indicating a loss in price up to the $0.07175 mark.

The Cryptocurrency is down by 0.51% in the last 24 hours, and its daily high has been recorded at $0.07175. However, the bulls were able to make a comeback, but the gains were not enough to push the price above the resistance level at $0.07252.

DOGE/USD 1-day price chart: Bearish resistance results in a declining trend for Dogecoin

The one-day Dogecoin price analysis is confirming a decline in coin value, as the price has been following a bearish trend for the day. The circumstances are turning favorable for the sellers, as the past weeks observed a constant improvement in the DOGE market price. Nonetheless, a downturn in price occurred today which is why the price has been lowered to $0.07175 point. The moving average (MA) is still quite low and is present at the $0.0715 marker.

image 142
DOGE/USD 1-day price chart, Source: TradingView

The SMA 50 curve is traveling above the SMA 20 curve as the bearish trend is evidently getting stronger. The increase in volatility has taken the upper Bollinger band value to $0.0783 and the lower Bollinger band value to $0.0677. The Relative Strength Index (RSI) score has moved down to the 37.96 level.

Dogecoin price analysis: DOGE price backtracks to $0.07125 as bears regain dominancy

The price is headed down according to the four hours Dogecoin price analysis and has reached the $0.07125 position. The short-term trending line is also descending as the bears have been showing control over the market for the past few hours. The last four hours have proved damaging for the cryptocurrency value as well as the price declined on a noticeable level. The price is still below the moving average value i.e. $0.0721.

image 143
DOGE/USD 4-hour price chart, Source: TradingView

The Bollinger bands indicator is showing an average of $0.0721 now. Whereas its upper band has been relocated to $0.0736 points and its lower band is present at $0.0705 points. The strong drop in price has resulted in a decrease in the RSI score as well, and currently, the score is at 50.33.

Dogecoin price analysis conclusion

A decline in price has been observed during the day, which is why the Dogecoin price analysis has been devalued to the $0.07175 level. Although the bullish momentum was on its way to recovery in the earlier weeks, a change in price movements has been recorded. The price might touch lower points in the upcoming days, as both the hourly and daily price charts are showing a bearish trend.

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.

Related News

Hot Stories

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here