Dogecoin Price Analysis: Bearish Momentum Pushes DOGE Below $ 0.23

TL; DR breakdown

  • The latest Dogecoin price analysis is in decline.
  • The price of cryptocurrency has dropped to $ 0.23.
  • Support stands at the $ 0.234 level.

The bears caused prices to drop as low as $ 0.235 and maintained their position as the leading party. More sellers keep the price dropping and have beaten buyers in their attempt to revive.

DOGE / USD 1-day price chart: Bears are trying to push the price to an earlier low

The 1 day cryptocurrency price chart for Dogecoin price analysis dictates that there has been a drop in DOGE price point today. There was also a brief bullish interval last week as there are more green candles in this area.

The bears have been on the top for the most part all along, and they still manage to hold onto them as the price has dropped to $ 0.235. The moving average (MA) is close to the current price and is at the $ 0.261 level.

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

The volatility, on the other hand, is increasing, which is also a negative indicator for the Dogecoin future. The higher and lower values ​​of the Bollinger Bands are settled at the following points; the upper value is $ 0.32 while the lower value is $ 0.23. The Relative Strength Index Score is at the lower neutral level of 38.33 at the time of writing.

Dogecoin Price Analysis: Bears Overcome Bullish Disorder to Stimulate Downtrend

The 4-hour Dogecoin price analysis shows that the price is falling again after a short escape. The bears are dragging price levels down and have currently hit the $ 0.235 level.

The moving average is still above the current price, i.e. $ 0.241, due to the bullish setbacks that have followed in recent weeks. The short-term trendline is moving down again, which is an important bearish signal.

Dogecoin Price Analysis: Bearish Momentum Pushes DOGE Below $ 0.23 2DOGE / USD 4-hour price chart. Source: TradingView

As volatility decreases, the Bollinger Upper Band value has decreased to $ 0.25 while the Bollinger Lower Band value has decreased to $ 0.234. The RSI chart is also showing a downward movement as the score approaches the underbought level as it is at 37 for now.

Dogecoin Price Analysis: Bearish Momentum Pushes DOGE Below $ 0.23 3 DOGE / USD technical indicators chart. Source: Tradingview

Since a strong downtrend followed today, the chart of the technical indicators also shows a downward signal. This is because there are more sellers entering the market compared to buyers. There are 14 indicators on the sell level, while 10 indicators are on the neutral level and two are on the buy level.

The moving averages indicator is also showing a strong sell signal as the pressure from the bearish side has been overwhelming. A total of 12 indicators are settled at the point of sale, two indicators at the point of purchase, which means that only one indicator remains at the neutral point.

The oscillators indicate sell momentum and there are nine oscillators in the neutral position, two in the short position and none in the long position.

Conclusion of the Dogecoin price analysis

The given daily and hourly Dogecoin price analysis shows that declining activity has also occurred today. The price level has dropped to $ 0.235, which was a significant loss to the market value of the cryptocurrency.

Although the bulls have tried to make a comeback in the past few hours, their efforts have been in vain as price saw a decline today. The price level can only be maintained if the support is held at the $ 0.23 level.

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