The Dogecoin price analysis shows that the cryptocurrency is going in a bearish direction. The bears overcame the bulls with bearish swings resulting in the price dropping down to $0.08192. The bears are currently controlling the market and the bulls have had a difficult time fighting back.
There is strong resistance for DOGE/USD at $0.08463, which acted as a support level but it was breached by the bears without much difficulty. The support level for DOGE is seen at $0.08177, which has been tested several times but it is yet to be breached by the bears. The bulls are attempting to push back and regain some lost ground, however, the odds are not in their favor.
The trading volume of Dogecoin has decreased significantly which could signal a further decline in price. As of writing time, the trading volume stands at $740 million and the market cap is around $11.3 billion which represents a drop of 1.95% and 62.69% respectively in the last 24 hours.
Dogecoin price analysis 1-day chart: Bears rule the DOGE/USD market
The daily chart for Dogecoin price analysis reveals that DOGE’s price has seen a considerable decline in the past 24 hours. The daily chart indicates that DOGE could continue to trend downward as long as the bears remain in control of the market. The price is currently trading around $0.08192, which represents a drop of 1.92%.
The technical indicators suggest that Dogecoin could remain in a bearish trend. The Bollinger Bands are narrowing which could indicate reduced volatility in the near future. The upper band is at $0.09680 while the lower band is at $0.07747, respectively.
Moreover, the MACD indicator is generating a bearish crossover which could signal a further decline in price. The histogram is forming lower highs currently as the red bars continue to increase in length. The RSI has been moving downwards and is currently at 46.18 points indicating that the crypto could continue to fall in price as long as it remains below the 50 levels.
Dogecoin price analysis 4-hour chart: DOGE/USD struggles to stay above $0.08200
The 4-hour chart for Dogecoin price analysis shows that the bears remain in control of the market since DOGE/USD has been struggling to stay above the $0.08200 level as it has been trading in a range of $0.08200- $0.08300 for the past few hours. If the buyers regain control of the market, we could expect to see an uptrend in price.
The technical indicators suggest that Dogecoin is still in a bearish trend and could remain so for some time. The MACD indicator has a negative value and has been generating a bearish crossover since the opening of the markets while the histogram shows a negative outlook.
The Relative Strength Index (RSI) indicator is currently at 33.30 points indicating that the crypto is heading to the oversold region and could continue to decline even further. The Bollinger Bands are widening which could indicate an increase in volatility in the near future. The average Bollinger value is currently at $0.08836.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis shows that the bears are still in control of the market and could push the price lower in the near future. The support level of $0.08177 is providing some stability but it is yet to be tested by the bears. If they manage to break through this level, we can expect to see further declines in price. The bulls are attempting to push back but their efforts have been futile so far.
