Dogecoin price analysis indicates the market sentiment has turned bearish. The cryptocurrency has been in a correction period since it hit an all-time high of $0.08871 the previous day. As the price action continued to retrace, Dogecoin fell to a low of $0.08677 today and is currently trading below the resistance level of $0.08871. The Dogecoin price analysis is down by 1.35 percent which indicates the bears are trying to enter the market after a period of consolidation around $0.088.
Dogecoin price analysis 1-day chart: DOGE remains dormant at around $0.08677
Dogecoin price analysis on a daily chart reveals the cryptocurrency has yet to make significant price changes and is currently stuck in a tight range. DOGE/USD pair has retraced slightly from the $0.08871 level, but the overall trend on the daily chart remains bearish as prices continue to trade below the key 50-day moving average.
With price action looking relatively stable for now, traders are waiting to see if DOGE can break through the $0.08871 resistance and if bears will be able to drive the price lower. The MACD indicator shows increasing bearish momentum as the moving averages move further closer to each other. The RSI indicator also supports a bearish sentiment as it is approaching oversold levels.
Dogecoin price analysis on a 4-hour chart: A bearish reversal pattern forms
The hourly chart for Dogecoin price analysis shows a bearish reversal pattern forming. The market has been encouraging for the past few days with DOGE/USD registering a series of higher highs and lows. However, the price action is now beginning to move in the opposite direction with Dogecoin trading below the resistance level of $0.08677.
The MACD indicator is moving closer to the zero-line which is a sign of bearish momentum building up in the market and the RSI has dropped below 50 levels, indicating that bears are taking control of the market. The moving average indicator on the hourly chart has also turned bearish, signaling a possible downturn in the near future.
Dogecoin price analysis conclusion
To sum up, the Dogecoin price analysis shows that the market is currently in a bearish trend with prices dropping at a steady rate. The selling pressure is increasing as the sellers take control of the market. The support level of $0.08559 is still holding, but it could be tested soon if the bearish momentum continues to build up.