Dogecoin price analysis shows a bearish sentiment prevailing in the market. After a sharp downtrend, the price of DOGE dipped below $0.8000 all the way up to the $0.07165 level before rebounding. As of writing, the DOGE price is seen trading around the $0.08032 level with a loss of 2.28 percent.
The immediate support for DOGE lies at $0.07615 and any break below this level could lead to a further decline in prices toward the $0.07000 mark. On the other hand, if the buyers can manage to push prices higher above the $0.8000 mark and keep solid then more gains could be seen. However, investors should wait for a solid upside move before concluding that the bears have run out of steam.
Dogecoin price analysis daily chart: DOGE/USD face resistance around the $0.08282 level
Dogecoin price analysis 1-day chart reveals that since DOGE rebounded from the intraday low mark it has been trading in a narrow range between $0.07900 and $0.08100 levels, with no major breakouts seen as of the time of writing. The market capitalization of Dogecoin has seen a reduction to $11.1 billion.
The Moving Average Convergence Divergence (MACD) indicator is in the bearish zone. The MACD line has crossed beneath the signal line and a bearish crossover can be seen as the MACD value is below 0. Moreover, the Relative Strength Index (RSI) indicator is also trading in a neutral zone with a value of 46.23 indicating no extremities in the price movements. The Bollinger bands show a squeezed market as Dogecoin is trading in between the lower and upper bands as it looks for the next direction.
Dogecoin price analysis 4-hour chart: Latest developments
The Dogecoin price analysis on the 4-hour chart reveals that DOGE is trading in a pattern that could favor the bullish side if the buyers can manage to push prices above the $0.08000 level. The trading volume is rising and if it can sustain above the average then some upside momentum could be seen.
Technical indicators in this timeframe indicate a possible upward movement. The MACD is displaying a bullish bias with the MACD line slowly changing direction and trending towards the signal line and the red bars in the histogram fading away. Moreover, the Bollinger Bands are showing some room for upside moves as the price is trading below the middle line. The RSI is also sloping to the north and currently stands at the 50.68 level signaling that the bulls might have some upper hand in the near term in order to move to the overbought region.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis suggests a bullish comeback in the DOGE market if the buyers can manage to push prices above the $0.08000 level and keep them above that mark for some time. On the other hand, if a bearish move is seen then DOGE/USD could dip down to the $0.07615 support level again.
