Today Dogecoin price analysis shows the bearish momentum is speeding up once again. There has been a significant decline in price that occurred in the past few days, and the trend has been the same for today as well. The price has dropped down to the $0.0856 level today, causing substantial damage to the overall value of cryptocurrency. While the coin has been struggling to maintain its price levels since yesterday, there is a strong chance that the price will go further down.
The support for the coin is present at the $0.08452 level, which might hinder any further decline in price. Furthermore, if the bulls manage to break past this level and remain above it, then there is a good chance that Dogecoin will be able to recover back above the $0.0900 mark.
Dogecoin price analysis 1-day chart: Price on the downtrend again as bears intervene
The 1-day Dogecoin price analysis shows that the bears have made a comeback after encountering the recent bullish move. The bulls tried to uplift the price yesterday, but bears have successfully been able to tackle their momentum and have once again secured their winning position. Meanwhile, the moving average (MA) is higher than the price value at $0.0857 signifying that a bearish outlook is continuing to prevail in the market
The volatility is high during the day as the Bollinger bands are expanded onto a larger area. This has led to the upper Bollinger band reaching a $0.0914 value while the lower Bollinger band is at the $0.0747 mark. The Relative Strength Index (RSI) is yet again confirming the downtrend as it has moved down to index 58.77 today, indicating the selling activity.
Dogecoin price analysis: Bears might look to break below the $0.08452 level
The bears are maintaining their lead quite impressively, as the price has undergone a decrease today as well. The price is now trading at the $0.0856 level and is expected to go down from here soon. At the time of writing the coin is down by more than 4% in the past 24 hours.
The moving average is above the price level at $0.0858 as compared to the price level. The volatility is decreasing, which might help in slowing down the downward price oscillation. This has resulted in the upper Bollinger band going to the $0.0888 value and the lower Bollinger band reaching the $0.0829 value after converging to a degree. The RSI score is also moving downwards below the centerline of the neutral range and is right now present at an index of 47.49.
Dogecoin price analysis conclusion
The bears are winning the game at present, as can be confirmed by the Dogecoin price analysis. The downtrend has been unchanging for the past few hours today, and it is assumed to extend in the future as well. The price is soon to cross the support level at $0.08452 in the next trading session.
