DOGECOIN Price Analysis: The Bears are Getting a Firm Grip Over the Market


  • The bearish pressure is making the price drop over the daily and hourly price chart. The bulls need to support the coin.
  • The crypto asset is moving below the 20, 50, 100 and 200 days moving average.
  • The DOGE/BTC pair is at 0.000003064 BTC with a loss of  1.55%.

The meme cryptocurrency after moving in a limited range is now bearing the bearish pressure over the daily price chart. The coin needs to attract buyers to overcome this selling pressure and to sustain in the market. The DOGE coin scored a #10th rank in the whole cryptocurrency market.

The bulls are trying to push the price but the bears are getting a heavier side this time, they won’t allow the bulls to take over the market. Musk can help the meme crypto as he manipulates the price by making some tweets regarding the coin. The coin prices went up and recovered well enough after Musk’s takeover of Twitter. The trading volume is at a gain of 33% which is supporting the price yet.

The current price for one DOGE coin is at $0.060 which is at a mere loss of 0.45% in its market capitalization in the last 24 hrs. The coin has a trading volume of 425 million with a gain of 33.80% in the 24 hrs trading session and a market cap of 7.90 billion. The volume market cap ratio of DOGE is 0.05382.

What do Technical Indicators Suggest for DOGE

The DOGE trading volume just approached the average. Now after watching the market conditions some analysts believe that the volume will start declining again.

The MACD indicator gave a negative crossover as the sellers were dominating the market and now the sellers signal line is moving above the buyers line, along with the histograms dropping red. The relative strength index is currently moving neutral showing the equality in buying and selling volume. The RSI value is 39, which needs to be increased so as to support the price.

Conclusion

The meme cryptocurrency after moving in a limited range is now bearing bearish pressure over the daily and hourly price chart. The DOGE coin scored a #10th rank in the whole cryptocurrency market and the trading volume is at a gain of 33% which is supporting the price. The technical indicators superficially are in favor of a bearish movement ahead.

Technical levels

Resistance levels: $0.070 and $0.078

Support levels: $0.054 and $0.049

Disclaimer 

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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.



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