DOGE/USD set to break below $0.13355 soon

TL;DR Breakdown

• Dogecoin price analysis appears to be bearish.
• The strongest resistance is present at $0.1626.
• The strongest support is present at $0.1355.

Dogecoin price analysis indicates that the market is entering a bearish trend, with significant potential for reversal action. On April 6, 2022, the DOGE/USD exchange rate fell dramatically after experiencing a substantial downturn, resulting in Dogecoin‘s value crashing to $0.1480 on April 7. The price of Dogecoin has continued to fall since then and is currently trading at $0.1358 on April 8. The Dogecoin price analysis also points to a potential head and shoulders pattern forming on the DOGE/USD exchange rate, leading to further downside in the market if confirmed.

The strongest resistance for the Dogecoin market is present at the $0.1626 level, which is where the 100-day moving average is currently located. If the market breaks above this resistance, it could move towards the $0.1750 level. On the other hand, if the market fails to break above $0.1626, it is likely to fall towards the $0.1355 level, the next major market support.

DOGE/USD 4-hour price analysis: Recent updates

On the four-hour chart, we can see that the market has been in a downtrend since April 6, when it reached a high of $0.1737. Since then, the market has fallen by over 20%, with the current price trading at $0.1358 on April 8. The market appears to be forming a head and shoulders pattern, which is a bearish reversal pattern.

DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) for DOGE/USD is currently at 52.17, which indicates that the market is neither overbought nor oversold. However, the RSI is showing signs of bullish divergence, leading to a reversal in the market.

The Moving Average Convergence Divergence (MACD) for DOGE/USD is currently in the bearish zone. However, the MACD line is above the signal line, indicating that the market may be due for a reversal.

The Chaikin Money Flow (CMF) for DOGE/USD is currently in the bearish zone. This indicates that capital flows are out of the market, leading to further downside.

Dogecoin Price Analysis for 1-day: DOGE gains value

Dogecoin is currently trading below the 100-day moving average, which is a sign that the downtrend is likely to continue in the short term. The RSI indicator is also in oversold territory, which suggests that the market may be due for a short-term corrective rally.

DOGE/USD 1-day price chart source: TradingView

The market is expected to find support at the $0.1355 level, which is the next major support for the market. If the market breaks below this level, it could fall towards the $0.1250 level in the short term. On the other hand, if the market rallies from here, it could move back towards the $0.1626 level in the short term.

Dogecoin Price Analysis Conclusion

The Dogecoin price analysis appears to be bearish in the short term, with strong potential for a reversal. However, the market is currently in a period of consolidation, and it is difficult to predict which way the market will move. Traders should watch for breakouts above $0.1626 or below $0.1355 for further clues on the market direction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.