Dogecoin price analysis shows a downtrend movement in today’s trading session. The DOGE/USD pair is currently trading at $0.07805 and is facing more downward pressure as it attempts to break down below the $0.07757 support level. The bearish pressure has been ruling the market since last week when the pair fell from highs of $0.08242 to its present levels. The bearish trend is expected to continue as long as DOGE/USD fails to break past the resistance levels at $0.07896.
Dogecoin price analysis 1-day price chart: Bearish strike deflated the price to the $0.07805 level
The one-day Dogecoin price analysis confirms a strong bearish trend for today as the coin value has undergone a considerable decline during the last 24 hours. The selling pressure remained persistent throughout the last week. And today, the market is again in support of the bears as the price has decreased by 0.63% in the last 24 hours.
The market capitalization for Dogecoin is currently at $10.8 billion with a 24-hour volume of $339 million. The moving average (MA) has been steadily decreasing with red candlesticks reigning the chart indicating a strong bearish trend.
The Moving Average Convergence Divergence (MACD) indicator has also weakened as the signal line has dropped further to the south showing a decrease in investor confidence. The histogram has also continued its bearish run as the bars have been shifting to the left of the zero line. Finally, the Relative Strength Index (RSI) is still dipping down below the 50-level with a value of 42.58 indicating strong bearish momentum.
Dogecoin price analysis hourly chart: Recent developments
The hourly chart for Dogecoin price analysis shows that the bulls are trying to make a comeback in the market as DOGE/USD has gained by 0.24% in the last 1 hour. The buying pressure is gradually increasing as the $0.07757 support level seems to be holding for the time being.
The MACD indicator has started its bullish run as the signal line starts to move up from the bearish zone to make a crossover. The RSI is still below the 50-level with a value of 37.87 indicating an impending balance between buyers and sellers in the market. Moreover, the moving average (MA) shows a bullish sign as green candles have started forming above the red candles.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis indicates that DOGE/USD is continuing to face downward pressure as it attempts to break down below the support at $0.07757. The bulls are trying to make a comeback in the market but the bearish momentum still remains strong. Investors should watch out for any decisive breaks above the $0.07896 resistance level as it could signify a strong shift in investor sentiment.
