dogecoin price The analysis is trending downward and has continued for the last 24 hours. The bulls dominated the market yesterday, breaking above the $0.08679 resistance before breaking below this level today. The next support is at $0.08476, and the coin is just over 0.73% of its value in just a few days. and is currently trading around $0.08654. This downtrend is likely due to strong bearish sentiment in the cryptocurrency market.market capitalization of dogecoin has also dropped significantly and is now at $11.4 billion, while the coin’s trading volume is $448 million.
Dogecoin Price Analysis 1-Day Chart: DOGE/USD Price Falls to $0.08654
one day dogecoin price Analysis shows that the bears are in control as the market fell from the all-time high of $0.08679 to $0.08654 and failed to close above the $0.08782 resistance. The DOGE/USD pair has been trading in the bearish channel since the beginning of the day, with low highs and high lows. The immediate support for DOGE/USD is at $0.08476, and if broken, the next support level is near 0.084. On the upside, the bulls will need to break out of his $0.08782 level to bring the market back to being bullish again and retest everything.
The Relative Strength Index (RSI) score is 58.21, which indicates that the market is neither overbought nor oversold, indicating a stable cryptocurrency and showing bearish momentum on the downside. Market volatility has decreased since the beginning of the day and the market is likely to remain bearish in the short term. A small correction in price is possible in the future and the lower band is near $0.0677. The DOGE/USD price appears to be crossing below the moving averages, indicating a bearish move.
DOGE/USD 4-Hour Chart: Bears Increase Pressure as Selling Accelerates
Looking at the 4-hour chart, we can see that Dogecoin is trading in a descending channel and is currently supported at $0.08476. His 4-hour chart for the DOGE/USD pair shows that the bears are in control and if the price breaks below his $0.08476, a drop to $0.085 is possible. The immediate resistance for the bulls is $0.08782 and if it breaks out, the price could retest his all-time high of $0.087.
The moving average on the 4-hour chart shows that the 50-MA has broken below the 200-MA, indicating that bearish pressure is likely to continue for the foreseeable future. The Relative Strength Index (RSI) is currently at 58.47, which indicates the market is neither overbought nor oversold, and the Bollinger Bands are very tight, suggesting the market is consolidating. increase.
Dogecoin Price Analysis Conclusion
In conclusion, the Dogecoin trend is bearish in the short term and traders should look for opportunities to short the DOGE/USD pair. The key levels to watch out for are $0.08782 and $0.08476. Market indicators point to additional near-term downside momentum as the bears dominate the market. Investors remain cautious, concerned about the state of the economy. However, the bearish trend is still very strong, so we expect the price to continue to fall.