Dogecoin price analysis is bearish today. The DOGE/USD pair is currently trading at $0.08636 and it looks like the price might continue to move down in the near-term. The strongest resistance for the pair is present at $0.1.
The DOGE/USD pair has been on a downtrend over the past few days and it looks like the price might continue to move down in the near-term. The pair is currently trading below the 21-day moving average and the 50-day moving average which is a bearish sign. Moreover, the MACD indicator is also showing signs of further downside.
DOGE/USD 4-hour price analysis: Recent updates
Following an increasing trend, Dogecoin‘s market volatility increases. The value of the cryptocurrency is more probable to change as a result of the broader volatile capacity of the market, which is evidenced by its volatility following an opening movement. As a consequence, the DOGE/USD price has decreased in sensitivity to change from either end. A new opening.
The Bollinger’s band has an upper limit of $0.0891, which is the DOGE’s strongest resistance. The lower limit of the Bollinger’s band, on the other hand, is $0.0801, which is the DOGE’s weakest support.
DOGE/USD 4-hour price chart source: TradingView
At 40 on the RSI, which indicates a relatively calm market, the assets are stable and fall into the lower neutral area. Furthermore, the RSI appears to be moving down, suggesting that prices are declining and that the market is heading toward devaluation. The low RSI indicates selling pressure as a theme.
The DOGE/USD price is trading under the 50 Simple Moving Average (SMA) and the 200 SMA, which are bearish indicators. The long-term moving averages show that the market has been in a downtrend for some time now. The short-term SMA is about to cross below the long-term SMA, which is a bearish sign.
The Moving Average Convergence Divergence (MACD) is currently in the bearish zone and is moving lower. This indicates that the price is likely to continue falling in the near-term.
Dogecoin price analysis for 1-day: DOGE gains value
Dogecoin’s price volatility is decreasing as the resistance and support bands approach each other. As a result, the price of the meme cryptocurrency will continue to fluctuate; for the time being, DOGE appears to be less volatile. The upper limit of the Bollinger band is set at $0.0918, which represents DOGE’s strongest resistance. The lower limit of the Bollinger band is at $0.0833, which is Dogecoin’s weakest support.
On the one hand, the RSI indicator is in the overbought region, which suggests that prices are likely to fall in the near-term. On the other hand, the MACD indicator is in the bullish zone and is moving higher, which indicates that the price is likely to rise in the near-term.
DOGE/USD 1-day price chart source: TradingView
The Dogecoin price is at a level that suggests the market is overbought, and it has moved into the lower-neutral zone. However, the RSI appears to be moving linearly, suggesting a constant market with equivalent buying and selling actions.
Dogecoin Price Analysis Conclusion
In conclusion, Dogecoin’s price is bearish in the short-term and it looks like the price might continue to move down towards the $0.08 support level. However, the MACD indicator is showing signs of a possible reversal and the RSI is also in the oversold region which suggests that the price might rebound soon.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-06-03/