The Dogecoin price analysis indicates a bearish trend for today. As market sentiment is negative against DOGE/USD, the bears have once again grabbed control of the price charts and driven the price down to $0.089 level. Even though the price is in the upper price channel if observed over the last two weeks, the bulls have consistently been unable to take the price beyond the $0.090 barrier as the pattern is evident on charts. Selling pressure started during the final hours of yesterday’s session and has continued to this day.
DOGE/USD 1-day price chart: Uptrend to return?
The DOGE/USD pair is currently trading at 0.089 at the time of writing. According to the 1-day price chart for Dogecoin price analysis, the price breakout went downwards today and is continuing going down. For the past three days, the price trend has been rising, but now the selling pressure has arisen once more, and the currency has begun to correct once more.
The Bollinger bands are narrowing, indicating a decrease in volatility for DOGE/USD. The upper bank of the indicator is holding steady at the $0.091 level, which indicates resistance, and the lower bank is rising to the $0.78 level, which indicates support for the price function. The indicator’s average is also forming below the price level at the $0.085 mark. The lower band’s relative greater convergence suggests that the price may hold steady over the next few days.
The neutral region of the relative strength index (RSI) is where it is currently. The RSI is still at a higher index level of 61 but is gradually falling, showing that the market is seeing an increase in selling activity.
Dogecoin price analysis: Recent developments and further technical indications
A persistent decline in price is shown on the Dogecoin price analysis 4-hour price chart, and no notable bullish effort has been seen today. The last candlestick that can be seen on the 4-hour chart is similarly red, and since January 28, 2023, the volatility for DOGE has risen as a result of the price fluctuations being more pronounced on an hourly basis.
The relative strength index (RSI) is trending lower, signalling significant bearish side resistance, but if the RSI goes further below, it will be a sign that the price is headed farther lower.
The moving average (MA), which has risen above the price level on the 4-hour chart, is also displaying some bearish characteristics. If the price declines a bit further, the MA will also follow the pattern, but the price may begin to recover before it occurs.
Dogecoin price analysis conclusion
Although the majority of technical indicators are giving optimistic signals, the Dogecoin price analysis says that it is reasonable to predict that the price will decline in the ensuing hours based on the chart patterns and falling RSI. Due to the previous prolonged strong bullish trend, the technical indicators are bullish, which also suggests that the price will begin to rebound by the following trading session.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-01-30/