Dogecoin price analysis reveals that the cryptocurrency has been facing a downward trend today as bearish sentiment seems to have taken over the market. The Dogecoin price has dropped by more than 2.87 percent and is currently trading at around $0.07708, down from its all-time high of $0.0797. The bulls were in control of the market earlier today, but they have now been replaced by the bears as they push the price of Dogecoin down.
The bears have been able to capitalize on the recent lack of buying pressure and are pushing the price lower. During the decline, the bears effectively dropped the DOGE price below the $0.07644 support level and are now attempting to test the next support level at $0.07632. If the bears manage to breach the level, it is likely that the Dogecoin price will continue to drop further in the coming days.
Dogecoin price analysis 1-day chart: DOGE/USD depreciates to $0.07708 after a bearish run
The 1-day Dogecoin price analysis indicates that the price decline appears to have been caused by a bearish turn in the market. The DOGE/USD pair has been declining sharply since the start of the day, and there appears to be no sign of recovery at this time. In addition, there is an increasing amount of bearish momentum as traders speculate that the price could fall further as selling pressure increases in the near future.
The Bollinger Bands for the daily chart also show that the price is in a downward trend, with the lower band moving down and away from the price. This indicates selling pressure on Filecoin, which could push the price even lower in the near future. The moving average (MA) also shows a bearish trend, as the 50-day MA and 200-day MA are both pointing downward. The RSI is currently at 42.31, suggesting that the market is in a neutral state.
Dogecoin price analysis on a 4-hour chart: A bearish turn disrupts a bullish rally as the price draws back to $0.07708.
Looking at the hourly Dogecoin price chart confirms that the bulls have been able to defend the $0.08129 level for several hours now. This indicates that there is a chance for a short-term recovery if more buyers enter the market. However, it appears that the bears still have control of the market and could push the price lower in the near future. The Bollinger band is contracting and is currently below the price, indicating that the selling pressure is still in control of Dogecoin.
The upper band is now at $0.0880, and the lower band is at $0.0808, signaling that the DOGE price has a high chance of retesting its previous low of $0.5034 in the near future. The relative strength index (RSI) score is 39.77, which suggests that the market is oversold and may be due for a short-term rally in the upcoming days. The bears are in control of the market as the prices are trading below the moving average indicator.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis reveals that the cryptocurrency has been facing a downward trend today as bearish sentiment seems to have taken over the market. The bears are attempting to push the price lower, but there may still be a chance of recovery in the short term if more buyers enter the market.
