Dogecoin price analysis: Bearish momentum pushes DOGE below $0.23

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  • The latest Dogecoin price analysis is going bearish.
  • Cryptocurrency price has reduced up to $0.23.
  • Support is standing at the $0.234 level.

The bears have caused a decrease in the price up to $0.235, and have been able to retain their position as the leading party. More sellers are causing the price to downgrade further, and have defeated the buyers in their attempt at revival.

DOGE/USD 1-day price chart: Bears trying to push price value to former low

The 1-day cryptocurrency price chart for Dogecoin price analysis is dictating that a drop in the DOGE price value has taken place today. There has been a short bullish interval in the past week as well, as there are more green candlesticks in that area.

The bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $0.235. The Moving Average (MA) is standing close to the current price as well as it is at the $0.261 level.

Dogecoin price analysis: Bearish momentum pushes DOGE below $0.23 1
DOGE/USD 1-day price chart: Source: TradingView

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

Dogecoin price analysis: Bears overcome Bullish disruption to stimulate downward trend

The 4-hours Dogecoin price analysis shows that the price is going down again after a brief escape. The bears are pulling down the price levels and currently, they have reached the $0.235 level.

The moving average is still above the current price i.e. at $0.241, because of the bullish retraces that followed in the past weeks. The short-term trending line is once again traveling downwards, which is a major bearish signal.

Dogecoin price analysis: Bearish momentum pushes DOGE below $0.23 2
DOGE/USD 4-hours price chart. Source: TradingView

As the volatility is decreasing, the upper Bollinger band value has lowered to the $0.25 value whereas the lower Bollinger band value has moved down to the $0.234 level. The RSI graph is also showing downward movement, as the score has gone close to the under-bought value as it is 37 for now.

Dogecoin price analysis: Bearish momentum pushes DOGE below $0.23 3
DOGE/USD technical indicators chart. Source: Tradingview

As a strong bearish trend has followed today, the technical indicators chart is also showing a bearish signal. This is because more sellers are entering the market as compared to the buyers. There are 14 indicators that are at the selling level, while 10 indicators are at the neutral level and two at the buying level.

The Moving Averages Indicator is also showing a strong selling signal, as the pressure from the bearish side has been overwhelming. There are a total of 12 indicators settled at the selling point, two indicators at the buying point which leaves only one indicator at the neutral point.

The Oscillators are indicating a selling momentum as well as there are nine oscillators grounded at the neutral position, two at the selling position, and none is at the buying position.

Dogecoin price analysis conclusion

The given daily and hourly Dogecoin price analysis is reporting that a bearish activity has occurred today as well. The price levels have moved down to $0.235, which has been a significant loss for cryptocurrency’s market value.

Although the bulls tried to make a comeback in the past few hours, their efforts have gone in vain as the price has experienced a decline today. Price levels can be preserved only if the support is retained at the $0.23 level.

Source: cryptopolitan.com

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