DOGE price dips to $0.07812 as bearish pressure prevails – Cryptopolitan

Dogecoin price analysis is indicating declining momentum in the DOGE/USD pair. The price has declined to its current value of $0.07812, losing almost 1.09% of its value in the last 24 hours. The bearish divergence is visible on the charts as the price has failed to make any major gains during a period of positive momentum in other sectors of the crypto market. This means that the downward pressure on prices is increasing and could lead to a further decline in Dogecoin value if it stays unchecked.

The digital asset has a trading volume of $259 million. At the time of writing, DOGE was trading down by 1.09 percent at its current price of $0.07812. The cryptocurrency has a total market cap of $10.8 billion and is currently ranked 8th on CoinMarketCap’s list of the largest cryptocurrencies by market cap.

Dogecoin price analysis 1-day chart: DOGE is bearish as prices remain below $0.07812

The 1-day Dogecoin price analysis shows that the digital asset has been in a downtrend as the bears have pushed DOGE price down to $0.07812 at the time of writing. The support for DOGE/USD is currently at $0.07733, and a break below this level could cause a further decline toward the key support level of $0.07725, which could potentially lead to a bearish trend in the near future. On the upside, DOGE/USD needs to break out of the $0.07904 resistance level in order to show any signs of resilience. The resistance level was tested yesterday but was rejected as the bulls were not able to push the price past this level.

The 50-day moving average has crossed below the 100-day moving average, signaling a bearish trend in the Dogecoin price. The RSI indicator for DOGE/USD is currently around 42.06 level, which shows that the digital asset is in neither overbought nor oversold conditions at the moment. The MACD indicator for DOGE/USD is currently in a bearish territory as the signal line (blue) is above the histogram (red). This shows that prices could continue to fall in the short term.

DOGE/USD 4-hour price chart: Dogecoin forms a bearish divergence as market weakness continues

The 4-hour Dogecoin price analysis shows bearish progress in the last few hours as the price levels continue to decline. The market has been on a downtrend, as it lost around 1.09% of its value in the 4-hour timeframe. The bearish trend is expected to continue in the market as the selling pressure remains high.

The MACD indicator is currently in the bearish zone as the signal line is above the MACD line. The RSI indicator for the DOGE/USD pair is currently at 38.13, which indicates that the market is oversold at the moment and there might be a price rebound in the market soon. The MA line for the 4-hour timeframe is currently crossing below the candlesticks, which indicates that the market is currently in a bearish trend.

Dogecoin price analysis conclusion

Overall, Dogecoin is showing signs of weakness and a potential downtrend as market conditions remain weak. The $0.07904 resistance level needs to be broken for any significant gains to be made in the near future. Otherwise, the DOGE/USD pair could face further losses in the coming days.