Dogecoin price analysis is bearish in terms of price movement, as another day of lows took price down to $0.12, incurring a 3 percent decline. DOGE price sits at a crucial tipping point over the current trend which could trigger massive market volatility. Price provides a discounted entry point at current trend after recording successive bearish candlesticks and setting up three lower highs and two higher lows to form a descending triangle. If the distance between the first swing high and lower breakout point of $0.24 is added, an uptrend as high as $1.09 could be forecasted.
The larger cryptocurrency market continued to recede as Bitcoin fell below $38,000 for the first time in a month, incurring a 3 percent decline to move down to $37,600. Ethereum lost ground on the $3,000 mark as well, falling 3 percent down to $2,800. Among major Altcoins, Ripple moved down to $0.59 and Cardano to $0.76, falling 2 percent each. Solana and Polkadot also fell 2 percent each to move down to $85.41 and $14.60, respectively.
Dogecoin price analysis: Healthy market valuation shows positive signs on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen forming a descending triangle amid a steady decline in price since April 26, 2022. DOGE sits below the crucial 50-day exponential moving average (EMA) at $0.13. The 24-hour relative strength index (RSI) shows healthy market valuation for DOGE at 43.37. However, trading volume fell more than 32 percent over today’s trade, suggesting traders are currently waiting for an uptrend. The moving average convergence divergence (MACD) curve forms bearish highs below the neutral zone.
A significant uptrend could be triggered if buying pressure increases and Dogecoin price could push through to $0.2 to form a daily close above it. If this happens, market makers will be able to collect the sell-stop liquidity above $0.35. The potential upper cap for this scenario would sit at $0.44. A path towards the all-time high of $0.74 would open if these hurdles are cleared, with potential for further upswing to $1.09.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-05-03/