Dogecoin price analysis: DOGE corrects as bears reject further upside above $0.08727

Dogecoin price analysis is bearish today as bullish momentum deflated at $0.08727 after continuing for three days. The DOGE/USD started to correct as selling pressure appeared, and as a result, the price decreased to the $0.08694 support level. The price function was upwards mostly for the last 24 hours, so bulls might be feeling exhausted, and the price function took a downturn and is on the decline from the start of today’s trading session.

The overall market sentiment for Dogecoin is bearish as the investors remain cautious about the current market conditions. The trading volume for DOGE/USD price is increasing, which is now at $552,861,824 as the digital asset consolidates near $0.087 levels. The total market capitalization for Dogecoin is now at $11,580,896,917 as the cryptocurrency remains in the 9th position on the list of largest digital assets.

Dogecoin price analysis 1-day price chart: DOGE consolidates around $0.08727

The 24-hour chart for Dogecoin price analysis confirms a strong bearish trend for cryptocurrency, as the DOGE/USD value, is going through a sharp decline. A considerable amount of downfall in cryptocurrency value is being detected due to rising selling pressure in the market. If the selling pressure persists, it can be predicted that the price will lower further today.

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

The volatility is again increasing as the Bollinger bands are expanding slowly. The upper limit of the Bollinger Bands is now at $0.09208, representing resistance for DOGE, whereas its lower limit is present at the $0.08694 mark representing the strongest support for the crypto pair. The Relative Strength Index (RSI) score has decreased again as the selling activity is on the rise today. The RSI is trading at an index of 55 on a downward slope. The moving average (MA) has also traveled up and is now trading at $0.0930.

Dogecoin price analysis: Recent updates

The four-hour Dogecoin price analysis dictates a downtrend as the bears have been maintaining their lead quite furiously. The bulls seem to be helpless in the current situation as the price levels are falling at a sharp angle. The downtrend has resulted in price devaluation up to the $0.08727 mark, encouraging the sellers. If we discuss the moving average indicator, then its value is currently $0.0886.

image 292
DOGE/USD4-hour price chart. Source: TradingView

The Bollinger bands average has moved down to $0.08727 because of the constant decreasing trend. The upper band of the Bollinger Bands Indicator is now touching the $0.0926 mark, and the lower band is touching the $0.0862 mark, where the price has gone below the lower band on the 4-hour chart as well. The RSI curve is moving descendingly as the score is now 40.83, which is quite low as the indicator shows underbought conditions for DOGE.

Dogecoin price analysis conclusion

The 24-hour and four hours Dogecoin price analysis are giving support for the bears, as a consistent drop in DOGE/USD value is being observed. The price lowered to $0.08727 in the last four hours, as the bears are leading the charts today. The hourly price chart displays long red candlesticks as well, which means that the bears have been ruling the market for the last four hours. We expect the crypto pair to continue following bearish momentum for today.

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