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Dogecoin price analysis: Will DOGE continue to move in a bearish manner?

dogecoin

TL;DR Breakdown

  • Dogecoin price analysis shows a bearish trend
  • Resistance for DOGE prices is present at $0.08782
  • Support for DOGE/USD is present at $0.08476

Dogecoin price analysis is on a downward trend and has been for the past 24 hours. Although the bulls were in control of the market yesterday and kept the price above the resistance at $0.08679 and it fell below this level today. The next support is at $0.08476 and they failed the coin has lost over 0.73% of its value in just a few days and it is now trading around $0.08654. This downtrend movement is likely due to the strong bearish sentiment in the crypto market. The market capitalization of Dogecoin has also decreased significantly and is now at $11.4 billion, while the coin has a trading volume of $448 million.

Dogecoin price analysis 1-day chart: DOGE/USD price drops to $0.08654

The one-day Dogecoin price analysis shows that the bears are in control as the market has dropped from its all-time high of $0.08679 to $0.08654, failing to close above the $0.08782 resistance. The DOGE/USD pair has been trading in a bearish channel since the beginning of today, with lower highs and higher lows. The immediate support for DOGE/USD is at $0.08476  and if it breaks,  the next support level can be seen near 0.084. On the upside, the bulls need to break above $0.08782 to turn the market bullish again and retest it all.

image 460
DOGE/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) score is at 58.21, which indicates that the market is neither overbought nor oversold, signifying a stable cryptocurrency, and is moving down indicating bearish momentum. The market volatility has been decreasing since the beginning of today and the market is likely to remain bearish in the near term. The Bollinger Band has widened slightly and the upper band is near $0.0916, indicating that there might be a minor price correction in the near future while the lower band is near $0.0677. The DOGE/USD price appears to be crossing under the curve of the moving average, signifying a bearish movement.

DOGE/USD 4-hour price chart: Bears increase pressure as the sell-off accelerates

Looking at the 4-hour chart, we can see that Dogecoin is trading in a descending channel and is currently finding support at $0.08476. The four-hour chart for DOGE/USD pair shows that the bears are in control and if the price breaks below $0.08476, it could go down to $0.085. The immediate resistance for the bulls is at $0.08782, and if they break above it, the price could retest its all-time high of $0.087. 

image 461
DOGE/USD 4-hour price chart, Source: TradingView

The moving average on the 4-hour chart shows that the 50-MA is below the 200-MA and this indicates that the bearish pressure is likely to continue in the near future. The relative strength index (RSI) is currently at 58.47, which indicates that the market is neither overbought nor oversold, and the Bollinger Bands are very tight, suggesting that the market is consolidating.

Dogecoin price analysis conclusion

In conclusion, it can be said that the Dogecoin trend is bearish in the near term, and traders should look for opportunities to go short on the DOGE/USD pair. The key levels to watch out for will be $0.08782 and $0.08476. The market indicators are indicating additional near-term downside momentum as the bears take over the market. Concerned about the state of the economy, investors are still being cautious. Prices are anticipated to keep falling, though, as the bearish trend is still very strong.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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