The most recent Dogecoin price analysis reveals that the cryptocurrency is correcting after a successful bullish lead. The bears are in effect today as a slight decrease in price is being observed. As of right now, the price has fallen to $0.0814, but the deficit is small. Because despite the bears’ continuous presence over the previous week, the price trend line has been pointing upward despite the slight upward slope. The price increased significantly yesterday, but today, the trend is in favor of the sellers, which is a bearish sign.
DOGE/USD 1-day price chart: DOGE runs into resistance
Given that the price has dropped to $0.0841, the one-day Dogecoin price analysis is displaying indications of selling pressure building up once again. The price movement over the previous week displayed an upward pattern, but the decline today has favored the bears. The possibility exists that the bulls will reverse course in the near future. Due to the previous increase, the moving average (MA) value is currently trading higher at $0.0800. The coin is still not in loss if observed over the past 24 hours, and it shows gains of 1.63 percent for the past week.
The high level of volatility suggests that a price rebound may be feasible soon. The Bollinger band values have changed, with the upper value now indicating the strongest resistance at $0.0936 and the lower value the strongest support at $0.0743. For the one-day price chart, the Relative Strength Index (RSI) value is 48, which is quite neutral, and the curve is also slightly downward, hinting at the selling activity in the market.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Dogecoin price analysis shows a slightly different picture; the selling pressure is there, but the bulls have also made a comeback. The price breakout was downward, but at the moment the price is increasing again. It has recovered back to $0.0814, and there is a possibility that the daily trend may turn bullish soon. On the four-hour price chart, the moving average indicator also shows its value at $0.0811, which is a hair lower than the present price value.
The narrowing of the Bollinger bands indicates a decrease in volatility. As a result, the higher Bollinger band has moved towards $0.0818, while the lower Bollinger band is presently at $0.0792. The RSI has also taken an upward turn, with its score reaching 55, suggesting a buy signal again.
Dogecoin price analysis conclusion
As the price slightly decreased to $0.0814 during the day, the Dogecoin price analysis is currently in favor of bears, but with a strong possibility of bulls taking over in the ensuing hours. Given today’s bearish obstacle, the correction may last longer if the selling pressure builds again.
