According to the most recent Dogecoin price analysis, the price is once again falling as the market’s adverse influence grows. The price rose last week as the coin recovered from a significant selloff, but it is now falling once more as the bears attempt to stage a comeback. During the day, the price fell to $0.0780 in value, and it is anticipated that it will continue to fall in the hours to come. In other words, following a minor gap, the bears are attempting to tighten their grip.
DOGE/USD 1-day price chart: Red candlesticks suggest a severe price decline
Given the day’s significant price decline, the 1-day Dogecoin price analysis indicates bearish activity. Despite the fact that the bulls have had a good week, the bears currently hold the upper hand. As a result of the escalating bearish trend, the price has dropped to the $0.0780 level. The moving average (MA) value has also decreased significantly; at the moment, it is resting at the $0.0795 level.
Given that the price is still in the middle range, the heightened volatility today should be interpreted as a positive sign for future movements. Also displaying a change in values is the Bollinger bands indicator, which now has a lower value of $0.0735 for support and an upper value of $0.0936 for resistance. The Relative Strength Index (RSI) score has also declined somewhat and is now at 42 following the most recent collapse.
Dogecoin price analysis: Recent developments and further technical indications
After the bearish candlesticks returned to the price chart, the 4-hour Dogecoin price analysis predicts a price drop. The price has decreased to its current level of $0.0780 due to bearish momentum. Given that the bears have dominated the market for the majority of the day, the moving average is still higher than the current price at $0.0789. Despite earlier significant price improvements, the most recent trend has been bearish. While the price is currently recovering, the recovery is only marginal, so some bullish traces have also been noted.
The Bollinger bands average is currently at $0.0800 since the volatility has dramatically increased over the past four hours. The values of the upper and lower Bollinger bands are as follows: the higher value is $0.0826, while the lower value is $0.0775. Following the negative trend, the RSI score has decreased once more to 38.
Dogecoin price analysis conclusion
Given that the price experienced a negative swing today, the 1-day and 4-hour Dogecoin price analysis presented above indicate indicators of bearish behavior. Currently resting at $0.0780, the price is anticipated to decline once more. Although the market had been very favorable to buyers over the previous week, selling momentum is once again on the rise.
