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Dogecoin price analysis: DOGE price retreats to $0.08464 as bears take control

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TL;DR Breakdown

  • Dogecoin price analysis shows an extremely bearish trend
  • DOGE price resistance is present at $0.08919
  • Dogecoin price analysis support is present at $0.08245

Dogecoin price analysis is showing signs of a downtrend, as the price has been following a decreasing movement for the last 24 hours. Although cryptocurrency was under bullish pressure for the most part of yesterday, the price failed to break above $0.08919 and has been steadily falling since then. However, the bears have taken control and dragged DOGE/USD levels down to $0.08464 at the time of writing. The DOGE/USD pair is currently facing resistance at $0.08919 and has found support at $0.08245, which could be tested if the bearish pressure continues. Dogecoin price analysis reveals the price has been following a descending channel for a while. The bears are in control of the market and are likely to push prices lower in the next few hours.

Dogecoin price analysis 1-day chart

The one-day Dogecoin price analysis indicates that the bears have caused an overall decrease in market value, as the price has been unable to break above $0.08919 and is currently trading at $0.08464. The circumstances are turning favorable for the sellers, as the past few weeks have observed a constant improvement in the DOGE market. The 24-hour trading volume has also decreased from $954 million to 534 million, while the market capitalization for DOGE/USD pair is currently at $11.2 billion. 

image 534
DOGE/USD 1-day price chart, Source: TradingView

The technical analysis of Dogecoin suggests that the price is likely to remain bearish in the near term; however, there may be possibilities of a short-term recovery. The relative strength index (RSI) indicator is currently at 59.16, which indicates that the market is neither overbought nor oversold. Moreover, the MACD shows a bearish trend and has crossed into negative territory, indicating that the bears are in control of the market. The market’s volatility is also low, which suggests that the market is currently in a consolidation phase and could soon enter a new trend. The upper Bollinger band value is now $ 0.0917, whereas the lower Bollinger band value is at $0.0715.

DOGE/USD 4-hour price chart: Bears drag price levels down to $0.08464

The 4-hour Dogecoin price analysis shows that the downtrend is still in play and there is a high chance of the DOGE/USD pair falling further in the near term. The bulls have failed to break above the $0.08919 resistance level, and the bears could soon drag prices toward $0.085, which could be tested if the bearish pressure persists. Dogecoin price analysis shows that the bears have been in control of the market for the last few hours; the price is currently trading below the $0.08464 level and looks likely to continue falling. This indicates the bearish era might continue for a long time.

image 535
DOGE/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) indicator is also below 50, indicating that the market is oversold and could soon enter a corrective phase. The MACD is still bearish and has yet to cross into positive territory, which suggests that the bears are in control of the market. If the current bearish trend continues, Dogecoin could soon test the $0.08245 support level and may even fall further in the near term. The Bollinger bands have diverged, and a squeeze can be observed, which might give rise to high volatility in the near future.

Dogecoin price analysis conclusion

In conclusion, the Dogecoin price analysis shows that the bulls are unable to break above the $0.08919 resistance level, and the bears could soon drag prices further down if the bearish pressure persists. The technical indicators suggest that the market is currently oversold and could soon enter a corrective phase. However, there is still a risk of further losses in the near term if the bearish trend continues.

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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