- Dogecoin price is expected to fall below $0.250 as bears persist.
- The closest support level lies at $0.250 and further below at $0.225.
- DOGE faces resistance at the $0.300 mark.
After finally climbing past the $0.40 mark, Dogecoin price failed to continue its bullish rally, and the price has dropped to just below $1.2.While the price at press time holds just below $0.27, the bearish pressure is very strong, and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours, with most major cryptocurrencies recording a loss across the timeframe. Main currencies which had a loss include Ripple‘s XRP and BNB that record a 6.76 and a 6.28 percent decrease, respectively. At the same time, few cryptocurrencies such as Ethereum, Solana, and Uniswap recorded bullish momentum.
Technical indicators for DOGE/USDT
Across the technical indicators, the MACD exhibits declining bearish momentum as observed in the light red histogram. It has remained bearish for the past two days, and the indicator has dropped to below -0.015. Across the EMAs, the 26-EMA is trading above the 12-EMA while both EMAs fall.
The RSI is currently trading in the neutral zone a little above the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past three days. At press time, the RSI has again had a small spike towards the oversold region, giving an increasing sell signal.
The Bollinger bands are currently wide but will converge in the future due to the presence of dark red candlesticks. The bands’ convergence suggests a decrease in volatility for the Dogecoin price. Meanwhile, as the price is consolidating well below the bands’ mean line, the price will be leaning downwards for the next few candlesticks.
Overall, the 4-hour technical analysis issues a sell signal with 11 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only six indicators issue a buy signal suggesting a bullish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis does not share this sentiment and issues a buy signal with 14 of the 26 indicators suggesting a bullish movement against only two indicators which suggest a bearish retracement. Meanwhile, 10 indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Dogecoin price?
Traders should expect Dogecoin price to continue falling as the price reaches the $0.250 support level. The strong bearish pressure may cause the price to fall to the $0.2250 mark, but further downwards movement is unlikely. The price action would soon recover as the price finds a strong support level to stabilize.
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.