•DOGE/USD is currently priced at $0.077 and has decreased by 0.81% over the past day
•The trading volumes have increased by 67.93% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Will Dogecoin be able to regain investor faith?
The Dogecoin price today is $0.077854 USD with a 24-hour trading volume of $774,604,568 USD. Dogecoin is down 0.81% in the last 24 hours. The trading volumes have increased over the past day amid increased selling activity taking place at the current price levels. The Volume to Market Cap Ratio stands at 0.07499 for the altcoin.
Dogecoin is currently engulfed in a bearish cloud as is depicted by the technical indicators. DOGE is transacting below the 20,50 SMA on the four hour chart. A surge in selling pressure can lead Dogecoin’s price towards the $0.066 or $0.060 support levels. On the flip side, a spike in demand at the current levels could help the DOGE Price scale the resistance levels placed at $0.088. Further on the higher side, the next significant resistance to target for the bulls lies at $0.10.
Long Term View for DOGE
The technical indicators for Dogecoin suggest a bearish outlook as the RSI stands at a stone’s throw away from the oversold levels (currently transacting at 31.41). The green histograms on the daily chart are stagnant as they struggle to attract buyers at the current price levels. The MACD and signal lines are transacting in the negative territory as well, which further complicates matters for the bulls.
Conclusion
The technical indicators for Dogecoin suggest a hawkish outlook for the near term. If the selling pressure fuether increases, DOGE price could retest critical support levels before restoring its uptrend.
Support: $0.060-$0.060
Resistance: $0.088-$0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/05/27/doge-price-analysis-dogecoin-falls-as-a-result-of-selling-pressure-intensifying/