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Dogecoin price analysis: Bearish pressure takes DOGE to $0.081 as bulls struggle

In this post:

  • Dogecoin price analysis reveals’ that bears are in lead today.
  • The bears have taken the price levels down to $0.081.
  • Support for DOGE/USD is present at $0.077.

The most recent price chart for Dogecoin price analysis indicates that the cryptocurrency has experienced a downward momentum. The price has fallen in recent hours as a result of the bearish side’s success in lowering price levels. The rise that followed earlier yesterday has reversed as the price has dropped below $0.81. Further price drops are likely given the current decreasing trend in price. However, there is also support at $0.077, which, if it holds, might serve as a cushion.

DOGE/USD 1-day price chart: DOGE loses another 3.43 percent as bulls face defeat

The price of DOGE/USD has significantly decreased today, according to the 1-day Dogecoin price analysis. The bears’ ability to overcome the weaker bullish momentum has allowed them to do that. Since there has been an increase in negative pressure over the past week, it is not surprise that the bears have driven the price as low as $0.081. In the previous day, the coin lost around 3.43 percent of its value, and over the previous seven days, it lost about 10.20 percent.

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

The moving average (MA) value, which is currently set at $0.084, is being traded below by the price. Increased volatility as a result of the Bollinger bands’ expansion is a slightly unfavourable sign for the future given the current circumstances.

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With regard to the price of DOGE, the top band of the Bollinger Bands indicator shows a value of $0.098 to denote resistance, and the lower band shows a value of $0.078 to denote support. The Relative Strength Index (RSI) score, which also made a major move to the negative and fell all the way to index 42, indicating market selling activity, is the last but not the least.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis is also negative because Dogecoin suffered a big loss at the start of the trading session. The selling pressure has reduced the coin’s worth, but bulls are also active because they have recently been seeking to raise the price.

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DOGE/USD 4-hours price chart. Source: TradingView

The moving average on the 4-hour price chart is $0.081, while the average for the Bollinger Bands is $0.082. The SMA 20 curve is continuing declining lower than the SMA 50 curve. The lower Bollinger band is currently hitting the $0.080 level, while the higher Bollinger band is located at $0.084. Due to recent buying activity, the Relative Strength Index (RSI), which had been stuck in the neutral zone’s bottom half due to an extended bearish trend, is now resting at index 43.

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Dogecoin price analysis conclusion

The 1-day and 4-hour Dogecoin price analysis assessments show that the coin’s worth has reduced today as the price has fallen to $0.081. Despite the fact that the last several days have been quite favorable for the bears, the most recent update has also favored the bears. If the $0.077 support level holds, bulls will likely have the upper hand in the ensuing trading session. The bears have, however, managed to prevail for the day.

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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.

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