Dogecoin price analysis shows that the DOGE/USD pair is facing a bearish market as it has slipped below the $0.0837 mark. The key support level for the pair is present at $0.08365, and if this level breaks, the pair may drop to the $0.8363 support level. On the other hand, the resistance level is at $0.08521, and if the bulls can push the price above this level, the pair may rise to the $0.85 resistance level. DOGE is indicating a decline in price for the last 24 hours. The bears have won the leading position as the selling pressure has formed again and the price is decreasing again. The value of cryptocurrencies is currently declining as the price function is moving downward; it is now settling at a $0.0837 low and has lost more than 1.40% in the last 24 hours.
Dogecoin price analysis 1-day chart: Bears are determined to lower the DOGE below $0.0837
The 1-day Dogecoin price analysis demonstrates lower highs and lower lows, indicating negative momentum. It is now trading in a descending triangle pattern, with $0.0852 acting as the resistance level and $0.08365 acting as the support level. The downtrend was initiated by a break below the $ 0.0837 level, and if DOGE is unable to maintain the short-term trend, more bearish pressure will probably be applied over the course of the following few days.
The daily technical indicators are all bearish, which suggests that DOGE is likely to continue its downward trend. The relative strength index (RSI) is currently sitting at 48.36, which indicates that the bears are still in control of the market, and the moving average convergence and divergence (MACD) is in the bearish zone, suggesting that selling pressure is still present. Moving on toward the moving average (MA) value, which is $0.0861.
DOGE/USD 4-hour price chart: Recent updates
Looking at the 4-hour price chart for DOGE also shows a bearish momentum, as the token is trading below its moving average (MA) value of $0.087862. Over the last seven days, when the bearish pressure was at its strongest, the cryptocurrency pair’s value has decreased by more than 2.43 percent. The market capitalization for DOGE/USD currently stands at $11.1 billion, while the trading volume totals $277 million.
The moving average convergence and divergence (MACD), the indicator, is currently in the bearish zone, and the signal line is below the histogram, which is indicative of a continued downtrend. Furthermore, the Relative Strength Index (RSI) for the pair is currently at 42.47, indicating that the market may see some sideways action in the near future.
Dogecoin price analysis conclusion
In conclusion, the dogecoin price analysis reveals that the cryptocurrency is currently in a bearish market; the coin price is covering downward ranges and is trading at the $0.0837 mark. The current market conditions and technical analysis make it seem like DOGE will continue its downward trend in the near future. Therefore, traders should be aware of the risks associated with trading DOGE tokens and take appropriate measures to manage their exposure.
