DOGE Price Analysis: Dogecoin Prices Tumble As Investor Sentiment Takes A Hit
•DOGE/USD is currently priced at $0.06 and is down by 1.51% over the past day
•The trading volumes have decreased by 6.68% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: DOGE on the wane, validated by technical indicators
The Dogecoin price today is $0.061891 USD with a 24-hour trading volume of $306,434,711 USD. Dogecoin is down 1.51% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.03732 for the altcoin.
May 08, 2021, marked the all-time high for Dogecoin as it reached $0.7376, a level it has been trying to reclaim ever since but has remained elusive. DOGE has caved into the selling pressure and currently trades below the 20 and 50 SMA on the four-hour chart, suggesting that momentum is on the bears’ side. If the downturn continues, Dogecoin is likely to find support at $0.055, while the resistance would be found at $0.070 in the event of a trend reversal.
Long Term View for DOGE
The technical indicators for Dogecoin suggest a bearish outlook for the near term. The RSI stands at 41.79, which suggests the coin is in a neutral region. The MACD indicator further reiterates the bearish sentiment, as a bearish crossover occurred on the daily chart of Dogecoin, which has resulted in the development of red histograms. This lends credence to the bearish argument, with the MACD and signal lines still transacting in the negative territory as well.
The past few days have seen Dogecoin prices take a beating and shed a lot of its value. Every time Vechain tried to surpass the resistance, it was met with sound rejections. Hence the downturn is likely to continue for the altcoin, with any efforts of the bulls likely to be met with stiff resistance.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.