The Dogecoin price analysis shows that bears are leading the charts for today. Overall the coin is trying to get out of the bearish cycle as the price trend line has been upward for the last few days. But bears are continuing their lead for today, as they took control over the price function yesterday at the end of the trading session; otherwise, bulls were performing well yesterday and uplifted the price to a good height.
Despite the fact that the short-term trend line is moving upwards, the larger trend is still bearish, and Litecoin has gone through severe losses during the past few months, and still, the larger trend is the same. The cryptocurrency also incurred losses in the past four hours as well.
Dogecoin price analysis daily chart: DOGE tumbles to 0.07399 after the bearish turn
The 1-day price chart for Dogecoin price analysis also demonstrates bearish momentum because the bears are successfully maintaining their advantage. The DOGE value has somewhat declined over the last couple of hours. At the time of writing, it is $0.07399 and is declining with a loss of 0.93 percent.
The trading volume for the Dogecoin price analysis is seen to be relatively low at the moment, indicating a lack of buyers in the market. Currently, it stands at $389 million, with a market cap of $10 million.
The daily chart for DOGE indicates a bearish crossover with the MACD, indicating more losses in the near term. The Relative Strength Index (RSI) is still trending lower and is currently positioned at 48.60; any further downside pressure could take it even lower. Talking of the moving average (MA), its value is present below the price level at the $0.07459 mark as the SMA 20 is still trading below the SMA 50 curve.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for the Dogecoin price analysis shows the price breakout was downwards today, and the price is still on a decreasing trend. Bulls haven’t shown up yet, and the bearish activity has been going on during the last four hours as well, as the price decreased to $0.07399.
The MA is trading below the price level on the 4-hour chart as it is present at $0.0753 with the SMA 50 curve below the SMA 200 curve as well. The Moving Average Convergence Divergence (MACD) is also bearish, and the Relative Strength Index (RSI) is still trending lower and currently positioned at 47.98 which indicates more losses in the near term. Based on these technical indications, the Dogecoin price analysis suggests further losses in the near term.
Dogecoin price analysis conclusion
The Dogecoin price analysis shows the coin price has decreased today, and the price function has been downwards up till now. The price has been headed downwards in the last four hours as well, and chances are for the price to move further down. However, a change in trend can not be completely ruled out as the bulls made a return later yesterday after a bearish start, so if the market reives, then DOGE/USD could resume its upward trend.
