Dogecoin price analysis: DOGE declines below $0.08089 as bears  take control

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows a bearish trend
  • Resistance for DOGE/USD is present at $0.0862
  • Support for DOGE is present at $0.08037

Recent Dogecoin price analysis shows that the coin has been on a downtrend over the last 24 hours, with DOGE/USD trading at $0.08089. The resistance for DOGE/USD is found at $0.0862, while support is at $0.8037. If the bears continue to dominate and drive down price action, we could see Doge drop below $0.08037 in the near future. However, if the bulls manage to regain control, we could see the coin making a comeback and recovering some of its losses.

The bears took the price below $0.0860 which was strong support and this could open the doors for more losses in the near term. The selling pressure is strong with more sellers entering the market. The market cap for the Coin is also declining and is currently valued at $10.70 billion, with a 24-hour volume of $753 million.

Dogecoin price analysis 1-day price chart: DOGE price levels decrease after today’s price action

The 1-day Dogecoin price analysis indicates a bearish trend for the day as the price has decreased down to the $0.08089 level today. The bearish activity has been intensifying for the second consecutive day; however, the downward oscillation of the price has slowed down a bit, but bulls also were battling to bring the price back to $0.08062, which is now becoming a resistance.

image 234
DOGE/USD 24-hour price chart Source: TradingView

The volatility is high for DOGE/USD pair, as the upper limit of the Bollinger bands is at the $0.09080 mark, while the lower band is present at the $0.0787 mark. The Relative Strength Index (RSI) is trading at index 53.54 on an almost horizontal curve, hinting at the mixed market sentiment for DOGE. The moving average (MA) value in the 1-day price chart is also trading at $0.0857 above the price level.

Dogecoin  price analysis 4-hour price chart: Recent updates

The 4-hour Dogecoin price analysis confirms that a downtrend has been taking place for the past few hours, as the price trend line is also slightly downwards. There have been instances where the bulls have encountered bearish resistance, but nonetheless, the downward trend has been maintained.

image 233
DOGE/USD 4-hour price chart Source: TradingView

The price has been trading below the moving average (MA) value as well, which is present at $0.0825. The Bollinger bands are narrowing and hinting at a possible price drop in the near future. The RSI value is at 41.71, which suggests that the bears have currently gained control of price action.

Dogecoin price analysis conclusion

Dogecoin price analysis shows the downtrend has been going strong for the last 24 hours as bullish and bears are battling to gain control of DOGE/USD and move the price in their favor. There are a few technical indicators hinting at a possible drop in price, while some suggest that the coin could recover its losses if bulls manage to take over. It remains to be seen what happens next with Dogecoin and whether it can continue on this downward trend or recover some of its recent loss.

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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