Dogecoin price analysis for today reveals that following a protracted period of significant bearishness, DOGE/USD has fallen to $0.08064. The price has fluctuated over the last few days, but it is currently down 1.86% from this week’s high of $0.08297. According to technical analysis, the price may drop more in the near future. This puts its total market cap at $10.7 billion and a 24-hour trading volume of $436 million. The cryptocurrency pair ranks #9 in the market.
The 24-hour Dogecoin price analysis shows that the market is currently in a bearish trend. The price has been falling for two days, and it could continue to drop if the bears remain in control. The cup and handle chart pattern also indicates that, if the bulls can push the market higher, DOGE/USD could rise to $0.09 or even further.
The relative strength index (RSI) is currently at 38.2, which suggests that the market may be oversold. This could indicate that the bears have been overextending themselves and that a reversal is possible. Moreover, the moving average convergence and divergence (MACD) is also bearish, with the histogram in negative territory. This suggests that the trend is likely to continue in a downward direction. The Bollinger band indicator reveals expanding bands, hence increasing volatility. The upper band is currently at $0.0883, and the lower band is at $0.0659. The DOGE/USD price is currently very close to the lower band which could bounce back prices soon
DOGE/USD 4-hour price chart: Bears take control
The 4-hour price chart for Dogecoin price analysis shows that the market has been in a bearish trend since the beginning of today, and prices are moving downward. The head and shoulders pattern is also visible on the chart. This suggests that a bearish break-out could be imminent, and DOGE/USD could fall to $0.0805 or lower. The volume is also low, which indicates that the market may be lacking momentum.
The upper boundary of Bollinger’s band is set at $0.0876, while the lower boundary is set at $0.0790, which is the current market price and the first level of support. The relative strength index (RSI) and MACD suggest that the market is bearish and that DOGE/USD could continue to decline in the near future. It is also possible that the bulls could push the market higher, but it is important to keep an eye on the technical indicators to gauge when a reversal may occur.
Dogecoin price analysis conclusion
Overall, DOGE/USD is in a bearish trend and could continue to decline. The price has fallen to the $0.08064 area as a result of the bears’ efforts to keep up their strong momentum. However, given that the positive momentum appeared to be returning over the last week, it is possible that it will rebound and push the price above the $0.08297 mark. Therefore, investors should monitor the technical indicators closely to determine when a reversal may occur.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-01-19/