Dogecoin price analysis shows price trending downwards once again, as the daily chart indicates a 2 percent decline over the past 24 hours. DOGE moved up to $0.09 over an upward trend that initiated at the start of the new year, rising 28 percent over its course. Now, with a seeming correction in order, Dogecoin price could move as low as $0.06 as sellers look to reap profits. Dogecoin has settled at $0.086 at the time of writing, occupying 9th rank in the crypto market with a market cap of $11,422,796,414.
The larger cryptocurrency market recorded minor downtrends similar to Dogecoin’s performance over the past 24 hours, as Bitcoin dropped to $20,700, and Ethereum to $1,500. Among leading Altcoins, Ripple dropped 3 percent to $0.38, whereas Cardano moved down to $0.34. Meanwhile, Polkadot dropped 2 percent to $5.88, as Solana recorded a 5 percent downtrend to move as low as $22.73.
Dogecoin price analysis: RSI drops from overbought region to indicate price correction
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen extending on an upward run over the past week to move as high as $0.09. However, the past 24 hours can be seen to have kicked off a potential correction for Dogecoin price. Price still remains clear of the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.082.
The 24-hour relative strength index (RSI) can be seen moving into the overbought region at the higher end of 60’s. Over the past 24 hours, the RSI has tailed off to move back as price recedes. Whereas the moving average convergence divergence (MACD) curve continues to show a bullish divergence in place and trading volume for Dogecoin can be seen dropping more than 55 percent over the past 24 hours.
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