Dogecoin price analysis: DOGE crashes down at $0.0886 as a bearish rule of the market

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bearish today
  • Resistance for DOGE is present at $0.0899
  • Support is present at $0.0873

The Dogecoin price analysis shows, a drop in price has been observed today, which is why the market is now following a bearish trend. The cryptocurrency is covering a downward range as the bears have been able to stop the price from going above $0.0899. The downturn was expected after the bulls took the price up yesterday, but bears had to intervene again and take the price down as the trend was bearish for the past few days. Yet, a drop in price was recorded today as the price moved down to $0.0886.

The digital asset has a 24-hour trading volume of $410,067,215 with a market capitalization of 11.77 billion, indicating that the crypto is still sought-after despite the bearish trend. For now, the bearish pressure seems to continue, and traders must keep an eye on the current situation of Dogecoin before investing in it or trading with it. If the bears start to take control again, then the price may drop to the $0.0873 level in the near term.

DOGE/USD 1-day price chart: Bear continues to degrade the price level

The price is going down once again as a bearish trend has been confirmed from the 1-day Dogecoin price analysis. The price had been improving significantly yesterday, as an upward trend was taking over the market. But a notable drop in DOGE/USD value has been observed today again as the price has fallen to the $0.0886 level and still continues to cover the downward range.

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

The 50-SMA is also below the 200-SMA on the 1-day chart as well as the MACD signal line and histogram are in the bearish zone. The RSI indicator is also moving downwards, signaling that a drop in price might be continuing soon. The price is trading below the moving average indicator’s (MA) value, standing at $0.0869.

Dogecoin price analysis 4-hour chart: DOGE/USD trades in a bearish zone

The 4-hour Dogecoin price analysis confirms the bearish trend as the price underwent more decline today. Although a downtrend has been dominating the price chart for the past weeks, the bears have been persistently putting in efforts to continue their lead. Today, the bears have damaged the cryptocurrency’s value more as the price has come down to the $156 level as the price function is headed downwards continuously today. However, the DOGE/USD pair maintains the price level above the moving average (MA) value, which is trading at $0.0887 for now, but if the price travels below the MA, it will be another bearish crossover.

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

The 20-SMA and 50-SMA on the 4-hour chart are below the 200-SMA, indicating that the trend is bearish. And the RSI indicator has gone into an oversold zone, signaling a possible upward price rally soon if it bounces back from there. The MACD signal line and histogram are moving downwards in tandem as well so a decline in price is likely if the current trend persists.

Dogecoin price analysis conclusion

To conclude: the Dogecoin price is continuing its downward trend as bears are getting strong and the market is under bearish pressure. The price has dropped down to $0.0886, with resistance at $0.0899, and support at $0.0873. The trend is bearish on both the 1-day and 4-hour charts, with all indicators pointing downwards. If the bears continue to dominate the market, then a further decline in price may be expected soon. On the other hand, if bulls manage to take control, then a possible surge in value might be experienced.

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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