Bearish pressure restricts DOGE to $0.0875 – Cryptopolitan

The most recent price chart for Dogecoin price analysis indicates that the value of the coin has been declining. The bearish side’s achievement in bringing down price levels has caused the price levels to recede in recent hours. The price has decreased to $0.0785, reversing the increase that occurred earlier at the start of the trading day. The selling action during the last hour raises the possibility of significant price declines throughout the day. But due to nearly equal efforts from buyers and sellers, the trend for the day has not yet been determined.

DOGE/USD 1-day price chart: DOGE market cap decreases by 1.52 percent

The 1-day Dogecoin price analysis indicates that there is selling pressure on the price function of DOGE/USD. The weaker bullish momentum has been countered by the bears, enabling them to outpower their opponent. It is not surprising that the bears have pushed the price as low as $0.0785 in the most recent hours, given the spike in negative pressure during the previous week. The coin’s value dropped by 1.56 percent the day before, and by 11.89 percent during the preceding seven days.

Although the moving average (MA), which is now set at $0.0848, is being traded substantially above the price, it recently crossed below the SMA 50 curve, which is a negative sign. The Bollinger bands downward breakout also signals a downtrend ahead as both arms of the indicator move downward, which is an unfavorable sign for the future given the current circumstances.

The Bollinger Bands indicator’s lower band displays a value of $0.0760 to represent support, and the top band displays a value of $0.0946 to represent resistance. The Relative Strength Index (RSI) score, which is going negative and shows a reading of 42, indicates market selling activity.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis is also unfavorable because, despite the fact that the price breakout was upwards at the beginning of the trading session, Dogecoin lost value during the course of the last four hours. The coin’s price has dropped to $0.0785 due to selling pressure.

On the 4-hour price chart, the moving average is $0.0794, while the Bollinger Bands’ average is $0.0802. The SMA 20 curve is still falling below the SMA 50 curve as it does so. At this time, the lower Bollinger band is at $0.0762, and the upper Bollinger band is at $0.0842. The Relative Strength Index (RSI), which had been trapped in the neutral zone’s lower half due to a protracted negative trend, is currently going further down at index 35, which is a rather low score. This is because of recent selling activity.

Dogecoin price analysis conclusion

The 1-day and 4-hour Dogecoin price analysis assessments show that the coin is now worth less because the price has dropped to $0.0785. The bears have enjoyed a good few days, and the most recent update has also been in their favor. However, we expect that at the end of the trading session, bulls will probably be in the lead if the $0.0770 support level holds.