The Dogecoin price analysis indicates a major decline in the price value today. The bears have been continually winning over the price charts, as the bearish trend has been quite dominating for the market. This has resulted in a decrease in coin value up to the $0.08192 level, and the momentum is strong enough to reduce it further in the future.
The previous day the bullish sentiment had taken hold of the market, but it was not strong enough to increase prices above the $0.08558 resistance level. The sellers sold their holdings and this has caused a continuous downward spiral in price momentum leading us to the current $0.08132 support level.
Dogecoin price analysis 1-day chart: DOGE price cripples as bears maintain downtrend
The 1-day Dogecoin price analysis is indicating a downfall in the price today after the bears have successfully maintained their lead over the price action. The bears have taken the price down to $0.08192 value, and it is expected that further decline will be observed as well. The coin has lost almost 3.53 percent value during the last 24 hours, and it is expected that the bearish trend will continue as long as support is not found.
The moving average (MA) in the 1-day price chart is present at $0.0856, far above the current price value. Meanwhile, the Moving average convergence divergence (MACD) line is still in the negative territory, indicating that the bearish momentum is still prevailing. Furthermore, the relative strength index (RSI) indicator has also gone below the 51.17 mark which indicates a neutral zone to sell.
Dogecoin price analysis on a 4-hour price chart: DOGE prices remain at risk of further losses
The 4-hour Dogecoin price analysis is going supportive for the bears as well, as seen from the latest price chart. The bears have been in action for the last 20 hours, as more selling pressure has been observed in the market. In the past few days, the buyers were favorable, but the current market has shifted towards the bearish side and is likely to continue its downtrend in the near future.
The moving averages (MA) are also supportive for the bears as it is placed at $0.08387, with the 50-day MA line at $0.08195 and the 20-day MA line at $0.00.8197. The MACD line has also shifted below the signal line, which indicates a bearish crossover. Furthermore, the histogram bar has gone into negative territory, indicating a bearish market sentiment. The RSI indicator is still in the neutral position of around 39.70, indicating that further selling pressure can be observed in the market.
Dogecoin price analysis conclusion
To conclude, the Dogecoin price analysis is going in favor of the bears, as the overall market trend is bearish and there is no indication of an imminent trend reversal. Furthermore, the technical indicators are also supportive of the bears, so selling pressure can be further observed in the near term. As long as support remains below $0.08132, there is still scope for further losses in the DOGE market.
