Dogecoin price analysis: DOGE declines down to $0.062 amid growing seller pressure

Dogecoin price analysis is shifting momentum to turn bearish, as sellers looked to recapture the market over the past 24 hours. Price dropped more than 6 percent to reach as low as $0.062, as a constructive uptrend came to a halt for DOGE. The recent revival in price that initiated on June 21, 2022 pushed DOGE as high as $0.079, recording a massive 64 percent rise since the lows of June 18 at $0.048. However, over the past 24 hours, DOGE fell prey to short sellers as profit taking action dominated the market. If the current downtrend strengthens, price could dip as low as support at $0.06, and further below $0.058 over the next 24 hours.

The larger cryptocurrency market faces yet another crash over the day’s trade, as Bitcoin lost significant ground over the $20,000 mark, dropping down to $19,100. Ethereum also lost 7 percent in price to move down to $1,000. Among leading Altcoins, Cardano dropped 3 percent to $0.44, whereas Ripple declined 3 percent as well to move down to $0.31. Solana lost 6 percent to move down to $32.24, while Polkadot dropped 5 percent to sit at $6.84.

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Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: RSI faces a stark decline on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen undergoing an abrupt halt to an upward trend that initiated on June 21, 2022. After rising as high as $0.079, DOGE retraced down to as low as $0.062 with current price at $0.065. The bearish domination during the day can be seen largely owing to the distinct drop in the 24-hour relative strength index (RSI) value, currently at 44.93 and trending downwards.

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Dogecoin price analysis: 24-hour chart. Source: Trading View

Market valuation for DOGE lowered as short sellers came into the market, while trading volume also reminisces of this trend with a 13 percent rise. Price fell down to the 50-day exponential moving average (EMA) at $0.066 over the past 24 hours, with further potential of dropping below support at $0.060. The moving average convergence divergence (MACD) curve can be seen forming lower highs above the neutral zone, confirming a bearish outlook for Dogecoin price analysis.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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