Bearish trend line intact, DOGE drops below $0.0600

Dogecoin price analysis for today shows DOGE is currently stuck in a consolidation phase around the $0.0624 level. The intraday bias remains slightly bearish as long as prices are trading below the $0.0664 level. At the moment of writing, DOGE is trading at $0.06165 and is down by 1.16 percent. The market capitalization for DOGE currently stands at $8.2 billion while the trading volume totals to $$328,701,051.26.

The immediate support is found at $0.06187, which is the 23.6% Fibonacci retracement level of the last leg from $0.05693 to $0.06464. A break below this level could see DOGE prices retesting the $0.05693 level. On the other hand, if prices manage to break above the $0.06464 level, it could open up the door for a move towards the $0.0664 level.

The market sentiment is positive, however, DOGE prices are facing strong rejection at the $0.06464 level. Market leader Bitcoin is still bearish as it is down by a big percent of 3.58 while Ethereum is up by 0.34 percent. The rest of the altcoins are in the red with Litecoin, XRP, and Bitcoin Cash leading the pack with lose of over 4 percent in the last 24 hours.

Dogecoin price analysis on daily price chart: Bulls unable to push price action any higher

The Dogecoin price analysis on a daily chart shows that the bulls are having a hard time pushing price action any higher. Prices have been stuck in a consolidation phase for the past hours as the market awaits a catalyst that will push prices either to the upside or downside. The bulls seem to have been exhausted as the price has fallen to lows of $0.06165 after opening the day at $0.06187.

The technical indicators are giving mixed signals at the moment. The RSI is currently trading at the 39.56 level, which shows that there is still some room for prices to fall further before reaching oversold territory.The Parabolic SAR is giving a bearish signal as the dots are placed above the price action.

The MACD, on the other hand, is giving a bearish signal as the histogram is falling and is about to cross below the zero line. The MACD line is clearly below the red signal line and seems to be gaining strength.

The 200 SMA line is well placed below the current market price, which is a sign that the path of least resistance is still to the downside.The other key levels to watch out for are $0.0664, which is the next resistance level and $0.05693, which is the next support level. The Dogecoin price analysis shows that a move to the downside is more likely at the moment as the bulls seem to be losing steam. However, a breakout to the upside cannot be ruled out as the market awaits a catalyst that will push prices in either direction.

Dogecoin price analysis on 4-hour chart: Bearish market sentiment

The Dogecoin price analysis on the 4-hour chart shows that DOGE is currently in a bearish market sentiment. The market declined shifted to the bearish sentiment as indicated by the Relative Strength Index line which is headed below the 50.00 level. The RSI indicator is currently trading at 46.60 and heading towards the oversold territory which is another sign that prices are likely to fall further in the short-term.

DOGE price was stuck in a critical juncture of sideways trading before the bears won the battle and prices succumbed to selling pressure.The MACD indicator is also signaling a further decline as the histogram is falling and about to cross below the zero line.

The Dogecoin price analysis shows that DOGE is likely to head lower in the short-term as market conditions remain bearish. Bears are gaining strength in that out of the 26 indicators, 18 are giving bearish signals, 6 are giving bullish signals while 2 remain neutral.

The moving average lines are also in favor of the bears as the 50 SMA line is well below the 200 SMA line. The 200 SMA line is also headed lower which shows that prices are likely to follow suit in the near-term. Also the EMA lines are aligning in favor of the bears as the 5 EMA line is well below the 10 EMA line which is also well below the 20 EMA line. Dogecoin price analysis reveals that a move towards the $0.0600 level is likely in the near-term as market conditions remain bearish.

The market volatility is high as there has been significant fluctuation in price as bears and bulls battle for price control. The lower band of the Bollinger Bands is well below the current market price which shows that prices are likely to head lower in the near-term.

Dogecoin price analysis conclusion: DOGE under dark clouds

Our Dogecoin price analysis concludes that a move to the downside is more likely in the near-term as market conditions remain bearish. The selling pressure is likely to increase and DOGE price could decline towards the $0.0600 level in the near-term.

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