The most recent Dogecoin price analysis indicates a slight decrease in coin value throughout the past 24 hours. Although the market was following a strong bullish trend in the last day, the circumstances are changing for the sellers. Currently, the bears are at the lead as the price dropped to $0.07129 during the day. There is a high chance that the cryptocurrency will encounter further bearish resistance in the upcoming hours.
Dogecoin is trading below its resistance level of $0.07382. The support level set at $0.07008 is quite strong. It is important to note that the supply of Dogecoin has been decreasing due to its recent popularity surge. The total market cap of Dogecoin stands at $9.46 billion and the 24-hour trading volume stands at $486 million which indicates considerable buying pressure among investors.
DOGE/USD 1-day price chart: Cryptocurrency value depreciates up to $0.07129 edge
The 1-day Dogecoin price analysis shows a subtle decline in its market value as the selling momentum grows. The past few days proved quite favorable for the buyers as a bullish current controlled the market. But today, the price curve again took a downturn due to bearish resistance. The DOGE/USD value is now $0.07129, and a further decrease can be expected.
The SMA 50 and SMA 200 are both in a bearish stance as the price curve is trending lower. The MACD indicator is also giving out sell signals, showing that the sellers are at the lead. The RSI value has dropped to 37.40, indicating that the market is oversold. Overall, the Dogecoin price analysis suggests that the cryptocurrency is currently in a bearish market and could face further losses over the next few hours.
Dogecoin price analysis: DOGE/USD devalues up to $0.07129 as bears return
The bears are also dominating the four-hour price chart as the market for Dogecoin price analysis has followed a downward trend in the past few hours. The bears have successfully broken through the bullish wave by taking the price down to the $0.07129 extreme. The selling momentum will likely intensify in the coming hours, as the bears are regaining their strength.
The SMA 50 is at $0.0711, and the SMA 200 is at $0.0729, both in a bearish state. The MACD indicator has also shifted to the bearish side and is giving out sell signals. The RSI graph shows a bearish curve as the score was brought down to 34.56 by the seller’s pressure.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis suggests that the cryptocurrency is coming under immense selling pressure and could face further losses in the near future. The bears are struggling to overcome the bullish momentum, and so far, they have been successful as the price moved down to $0.07129. At the same time, the four-hour price chart displays red candlesticks and the bears, which have been dominating for the past few hours.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-12-28/