Dogecoin price analysis: Dogecoin hints at going past $0.33 amid high bearish pressure

TL;DR Breakdown

  • Dogecoin price is expected to rise to $0.33
  • The closest support level is at $0.31
  • Dogecoin price is facing resistance at the $0.335 mark

After finally climbing past the $0.4mark, Dogecoin price failed to continue its bullish rally and the price has dropped to just below $0.33.While the price at press time holds just below $0.33, the bearish pressure is very strong and the price may fall further in the immediate future if the selling continues.

The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. Main currencies which had a loss include BNB, and Ethereum that record a 1.28 and a 3.80 percent decrease respectively. Meanwhile, some other currencies recorded bullish movements like Bitcoin and Litecoin record a 0.01 and a 0.02percent increase respectively.


Technical indicators for DOGE/USDT

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the price struggled to climb back above the -0.0074 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.

The RSI is currently trading in the neutral zone a little above the 45.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 5 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level.

The Bollinger bands are currently narrow and will expand in the future due to the presence of a dark green candlestick at the end. The bands’ expansion suggests an increase in volatility for the Cardano price. Meanwhile, as the price is consolidating above the bands’ mean line, the price will be leaning upwards for the next few candlesticks.

Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue buy signals suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a sell signal with 11 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Dogecoin price?

Traders should expect Dogecoin price to have a very small bullish rally that may go past the $0.33 mark.Meanwhile the short term indicators and the midterm indicators suggest a bearish trend will follow after this which may cause the Dogecoin price to fall back down to its support level at $0.31 or further below as the market is also experiencing a bearish trend as well.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-06-11/