Bearish market trends cause DOGE/USD to drop below $0.07493 – Cryptopolitan.
Dogecoin, one of the most popular cryptocurrencies on the market, is currently stagnant at around $0.07493 after a sharp drop from its all-time high of $0.770 in March. The resistance for the DOGE/USD pair is at $0.07677, but the bearish sentiment in the market is making it difficult for buyers to break past this level. There is strong support at $0.07339, and if the price drops below this level, it could see further losses. The 24-hour trading volume has declined by over 33.91%, and the market cap is currently at $9.94 billion. The 1-day analysis shows a bearish market sentiment, with further devaluation expected if selling activity rises. The hourly analysis shows that the coin is trading inside a descending triangle pattern, with strong rejection near the $0.07677 resistance level. The technical indicators are still bearish, including the RSI, which is heading below the 50.00 level. In conclusion, the Dogecoin price analysis suggests that the coin is likely to break down if the bears maintain their current momentum and the selling pressure remains strong. However, a price recovery could be possible if the bulls can build enough momentum in the coming days.