Dogecoin price analysis: Bears manage to bring the price down to $0.090 as selling pressure emerge


The most recent Dogecoin price analysis indicates that the price is once again declining. The bears are attempting a comeback and have also contributed to a modest drop in pricing. The price has now dropped to the $0.090 level, and it is anticipated that it will rise again in the near future. Because the bearish trend continued to be in control throughout the past week, the coin’s value has been steadily declining. Although the price was rising yesterday, it has fallen again today, which is a bearish indicator.

DOGE/USD 1-day price chart: DOGE faces rejection

The one-day Dogecoin price analysis is showing signs of bearish momentum as the price has been lowered to $0.090. The past week proved unfavorable for the bulls, and today the downtrend has been reinstated again. There is an imminent possibility that the bulls might recover back in the coming hours as the price breakup was upwards. The moving average (MA) value is also traveling low, i.e., $0.094, because of the downtrend during the last week. The coin reports a loss of 5.73 percent for this time, and it lost 0.56 percent value during the last hour.

DOGE 1d 2
DOGE/USD 1-day price chart. Source: TradingView

The volatility has decreased sufficiently, which indicates that price recovery might not be possible in the near future. The Bollinger band values have changed such that the upper value is now $0.107 representing the strongest resistance, whereas the lower value is $0.086, which represents the strongest support. The Relative Strength Index (RSI) score is standing at index 46 for the one-day price chart, the RSI is quite neutral, and the curve is also not steeply downwards.

Dogecoin price analysis: Recent developments and further technical indications

Given that the price has been consistently falling for the past eight hours, the 4-hour price chart for Dogecoin price analysis reveals that bearish momentum is once again gaining traction. The price has now dropped to $0.090, and it might go down even further in the future. The price is falling every hour and the slide has been very steady. On the four-hour price chart, the moving average indicator also displays its value at $0.090, which is somewhat less than the current price value.

DOGE 4h 2
DOGE/USD 4-hour price chart. Source: TradingView

The relative high level of volatility is encouraging for the emerging trends. Due to this, the lower Bollinger band is currently at $0.085, while the higher Bollinger band has moved towards $0.097. The RSI has also been trending downward at index 44, indicating that the market is currently being sold.

Dogecoin price analysis conclusion

The Dogecoin price analysis for the day and the last four hours has indicated bearish behavior as the price dropped to $0.090 during the day. The price charts have been dominated by bears for the previous week, and it is anticipated that they will continue to do so given the bearish obstacle of today.



Source link

(Visited 3 times, 1 visits today)

About The Author

You Might Be Interested In

LEAVE YOUR COMMENT

Your email address will not be published. Required fields are marked *

This is default text for notification bar