Dogecoin price analysis indicates that the DOGE/USD price is bearish today as the bears remain in control. The DOGE/USD pair has been trading within a range-bound structure since the start of yesterday and is now down to the $0.07925 mark. The pair is hovering just above $0.07752, which serves as a key support level. The DOGE/USD pair has been facing strong resistance at $0.08411, and any attempts to break above this level have been met with strong selling pressure. The bears are likely to remain in control in the near term, with the $0.07752 support level serving as a key line in the sand. The bulls will need to gain some momentum above this level in order to break out of the current range and drive prices higher. On the other hand, if the bears manage to push prices below this level, it could open up a path toward further losses.
Dogecoin price analysis 1-day chart: DOGE/USD further declines below $0.07925
The 1-day Dogecoin price analysis shows that the pair is displaying a bearish trend in the near term, with strong selling pressure at every attempt to break above $0.08411. A red candlestick on the daily chart suggests a bearish bias in the short term. Support for the coin is present at the $0.07752 level, which might hinder further downside movement. However, if the bears remain in control, it could push the price lower toward the key support level of $0.07747.
The Bollinger band indicator is showing convergence and a bearish signal. With the upper Bollinger bands at $0.0969 and the lower Bollinger bands at $0.0771, DOGE/USD is stuck in a range-bound movement. The RSI score is also moving down below the centerline of the neutral range and is right now at an index of 44.77. However, the Moving Average Convergence Divergence (MACD) is showing a bearish crossover, suggesting that the bears are in control.
DOGE/USD 4-hour price chart: Recent updates
The hourly Dogecoin price chart shows that the pair is trading inside an ascending triangle pattern. This suggests a potential breakout to the upside, with prices likely to break out of the current range and move higher. However, the bears remain in control, and any attempts to break through the current resistance level of $0.08411 could be met with strong selling pressure. The bearish divergence is visible on the charts as the price failed to make significant gains during a period of positive momentum in other areas of the crypto market.
The relative strength index RSI is currently at 35.74. indicating that the market is in oversold territory. The moving average convergence/divergence (MACD) is showing a bearish divergence in the DOGE/USD pair. The MACD line has crossed below the signal line, indicating a possible bearish trend in the near future. The volatility is increasing during the current hours as Bollinger bands are diverging. The Bollinger band ends are expanding with the top band at the $0.0935 mark and the lower band at the $0.0757 mark.
Dogecoin price analysis conclusion
To sum up, the Dogecoin price analysis indicates that the DOGE/USD pair is bearish in the near term, with strong selling pressure at every attempt to break above $0.08411. The pair is trading inside an ascending triangle pattern, which suggests a potential breakout to the upside. However, the bears remain in control, and any attempts to break through the current support level of $0.07752 could be met with strong selling pressure. The bulls will need to gain some momentum above this level in order to break out of the current range and drive prices higher.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-04-22/