DOGE token Price corrects down to $0.090021 after a bearish market outlook – Cryptopolitan

Dogecoin price analysis shows a bearish trend for the cryptocurrency, as the bears have been at the winning edge for the last 24 hours. Although a strong bullish trend emerged in the last week, the bearish sentiment has taken over and pushed prices down again, to $0.090021, with a loss of 1.15 percent at the time of writing. The support for the DOGE/USD pair has been quite low, at around $0.08589 and $0.08588. The DOGE/USD pair is currently trading in a tight range between these two price points, and any break from either side may decide its future direction. Resistance has been noted at $0.09045, where bulls have been repeatedly rejected. The 24-hour trading volume for the DOGE/USD pair is slightly lower than yesterday, indicating some selling activity, and is currently at $685 million. The market cap has seen a decrease of 1.02 percent and is now at $12.49 billion.

Dogecoin price analysis 1-day chart: DOGE trades at $0.090021 after a bearish run

The Dogecoin price analysis on the one-day candlestick chart reveals that the coin has formed a bearish descending triangle pattern with $0.08588 being the support and $0.09045 being the resistance. Any break from either side will decide its future direction; however, it is currently trading in a tight range between the $0.090021 and $0.08993 levels. 

The RSI indicator for the DOGE/USD pair is currently at 60.09 and suggests that the bears are in control of the market. The 50-day moving average is currently below the 200-day moving average, which indicates a bearish sentiment in the overall market. The MACD chart also shows a bearish crossover, which could signal further losses in the near future. The moving average (MA) value is still standing at $5.58. The SMA 50 is currently below the SMA 200, which indicates that the long-term trend is bearish.

DOGE/USD 4-hour price chart: Price goes down to $0.090021 after bearish drift

The hourly chart for Dogecoin shows that bearish market conditions will likely persist in the near term. However, the previous week’s bullish momentum could push the price back up in the short term if the bulls can break above the $0.09045 resistance level, which could trigger a bullish rally toward $0.090028 in the near term. The bears will likely try to keep prices below $0.08588, as this is a crucial psychological support level. 

The moving average is currently at $0.0890, which points to further declining prices soon. The relative strength index strength (RSI) is also bearish, indicating that the DOGE may struggle to break above the $0.090021 resistance for now. The MACD indicator, the histogram, is in a red candlestick, indicating that DOGE could continue to go down soon. The MACD line is also below the signal line, another sign of bearishness.

Dogecoin price analysis conclusion

Overall Dogecoin price analysis suggests that bears are dominating the market, and any break of either $0.08588 or $0.09045 could decide its future direction. The price has decreased today as well and is standing at the $0.090021 position at the time of writing, and the bearish momentum may intensify in the coming hours. Therefore, traders should exercise caution while entering the market.