Dogecoin price analysis: Bearish pulls DOGE to $0.0856 as bearish outlook continues

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows that price movement is in a bearish direction
  • The price has lowered to $0.0856 during the day
  • Support is present at the $0.08452 level

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

image 580
DOGE/USD 1-day price chart, Source: TradingView

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.

image 581
DOGE/USD 4-hour price chart, Source: TradingView

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.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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