The Dogecoin price analysis shows the coin has crashed spectacularly today. The DOGE/USD was on an upward trend for the past two weeks, gaining significant value, but the coin failed to surpass the $0.0957 resistance, and today, it unexpectedly crashed to the $0.0887 level. Dogecoin is not the only cryptocurrency experiencing this severe loss, though. All cryptocurrencies have fared badly today, and it appears that there has been a flash crash.
The majority of the biggest cryptocurrencies experienced substantial devaluations today, with the market leader Bitcoin falling below the psychological threshold of $30,000 and losing more than three percent of its value in just one hour.
DOGE/USD 1-day price chart: Bulls must uphold $0.0818 as the price support
The 1-day Dogecoin price analysis shows that the coin’s value has significantly dropped. as the bears pulled the price down from $0.0943 to $0.0887 in just one hour. DOGE/USD is trading hands at $0.0887 at the time of writing, reporting a loss in value amounting to 5.43 percent over the last 24 hours. But at the same time, the crypto pair reports an increase of 6.90 percent in value over the course of the last seven days, as the coin has been on an upward trend for the past few days, contributing to the weekly gain. However, the trading volume has increased by more than 22 percent over the last 24 hours.
The volatility indicator shows convergence despite the wild downswing in price. The biggest resistance is shown by the Bollinger bands higher value, which is present at the $0.0972 mark. Support for the DOGE/USD is indicated by the bands lower value, which is present at the $0.0764 mark. The nearest support for DOGE is now at the $0.0868 level, where the price has dipped further around the volatility indicator’s mean average.
Selling has also been sparked by the current bear market, as seen by the relative strength index’s sharp downward trajectory. The RSI is currently trading at index 55 despite having moved lower but still being in the neutral zone.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour Dogecoin price analysis shows the cryptocurrency started to shed value at the start of the trading session, but the pace of correction was slow, nevertheless the coin went through a severe loss during the ninth hour of the current session when a sever selling pressure hit the market. Anyhow, the bulls had also arrived for support and the coin’s price function is headed upwards again for the last five hours recovering the price marginally to $0.0887 level.
The volatility indicator is showing a different situation on the 4-hour chart; the Bollinger bands are expanding with the lower band at the $0.0952 mark representing resistance for the DOGE as the price went below the lower band for some time, but has since recovered above it. The relative strength index (RSI) stepped in the lower half of the neutral region and is trading at index 43, indicating arrival of support after immense selling practice in the market.
Dogecoin price analysis: Conclusion
According to the Dogecoin price analysis, the cryptocurrency has suffered a significant loss today. Even though the price is increasing once again and there is a prospect for a small amount of further recovery, the process is gradual and may not be sufficient to make up for the loss already suffered. Today, DOGE/USD is anticipated to trade in the $0.0800 range.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-04-19/