The Dogecoin price analysis predicts a sharp drop in value following a negative trend. The bears are frantically attempting to drive the price even lower than its present level of $ 0.092. After days of uninterrupted bullish trend, there has been a clear reaction from the bears. However, given that the price is very close to the support level, the support might come shortly.
DOGE/USD 1-day price chart: Bulls loose ground as bears intervene
The examination of the 1-day price chart for Dogecoin price analysis reveals that the cryptocurrency’s value is now moving in the downward direction. A significant amount of bullish momentum has been building over the past week, and on January 30, 2023, some bearish retraces were observed.
Even though the trend for today is bearish, the price is still above the mean average (MA) level of $0.088. Given today’s price activity, the minimal volatility is a positive indicator.
The higher Bollinger band, which represents resistance, is present at $0.093, while the lower band, which represents the strongest support, is present at $0.079. The Bollinger bands are crucial for identifying current market movements. As the Dogecoin price analysis from the prior week demonstrates, DOGE has had a remarkable recovery for bulls. The Relative Strength Index (RSI) score is higher than average today at 61, but its curve is pointing downward, signalling selling activity in the market.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour Dogecoin price analysis shows that the bulls were stopped in their tracks by a strong takeover from the bears. The price plummeted to $0.092 right away after seeing a loss over the previous 12 hours, indicating that the momentum has been somewhat stronger.
However, the coin’s value has also decreased below the moving average (MA), which is the mean value measured throughout time, or $0.093. The Bollinger bands are displaying an average value of $0.32 on the chart, if we are talking about them. As the top band reaches $0.096 and the lower band advances to $0.084, the Bollinger bands are expanding, increasing volatility. The RSI score has decreased as well, falling to an index of 55.
Dogecoin price analysis conclusion
From the above Dogecoin price analysis, it can be critically observed that the bears are taking the lead as a majority. The existing price levels, which have been securely maintained for the last few weeks, are under pressure from more sellers who want to enter and lower them.
