Dogecoin price analysis indicates the digital asset is currently consolidating at around $0.0801.The cryptocurrency market has seen a lot of volatility in the past few days, with prices swinging up and down erratically. However, one digital asset that has been relatively stable throughout this period is Dogecoin (DOGE).DOGE prices have been trading in a tight range between $0.079 and $0.082 for the past few days.
The digital asset has found some support at $0.07928, which is the 38.2% Fibonacci retracement level. However, the bears have not been able to push prices below this level, indicating that there is still some buying interest in the market. On the upside, resistance for DOGE prices is present at $0.08200, which is the 50% Fibonacci retracement level. A break above this level could see prices move higher to test the next resistance level at $0.085.
Dogecoin price action on a daily chart: Bears adamant in pushing prices beyond $0.08
Dogecoin price analysis shows that the prices have been in a continuous downtrend for the last few hours before the bulls came in to push prices up. The digital asset is currently trading below the $0.085 resistance level, which is a key level to watch. Volatility remains low in the market with no significant signs of an uptrend and the trading volume for the digital asset remains low. The market is expected to remain bearish in the short term as the bears are adamant about pushing prices beyond $0.08.
The technical indications show the prices are currently trading below the moving averages which is a bearish sign. The RSI indicator is currently trading at 40, which indicates that the market is in neutral territory. The MACD indicator shows that the prices are currently in a bearish zone as the signal line is above the histogram.
The 50-day SMA line is currently at $0.08785 and the 200-day SMA line is at $0.10693, which indicates that the path of least resistance is to the downside.
Dogecoin price analysis on a 4-hour price chart: DOGE prices consolidate around $0.0801
The 4-hour chart for DOGE/USD shows that the digital asset has been in a downtrend for the past few days. The prices have found some support at $0.079, which is a key level to watch. The bulls have not been able to push prices above the $0.082 resistance level, which is a bearish sign. The market volatility is currently high as indicated by the wide Bollinger Bands. The Moving average divergence convergence indicator is currently in the bearish zone.
The digital asset is currently trading below the 50-day SMA line, which is a bearish sign. The 200-day SMA line is currently at $0.10693, which indicates that the path of least resistance is to the downside. The RSI line is currently residing on the 50 level, which is neutral territory.
Dogecoin price analysis conclusion
Dogecoin price analysis shows that the digital asset is currently consolidating at around $0.0801.A move above the $0.082 resistance level could see prices move higher to test the next resistance level at $0.085. However, the market is expected to remain bearish in the short term as the bears are adamant about pushing prices beyond $0.08.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-06-08/