Dogecoin price analysis for today shows a bearish trend. There is strong support for the DOGE/USD pair at $0.08339 and resistance at $0.08567. DOGE price has been on a downtrend over the last few hours. The cryptocurrency has lost over 1.71% of its value in the past 24-hours and is currently trading at $0.0.08393. The trading volume has also decreased significantly over the past few days. The trading volume has reduced to $285,309,144, while the market capitalization sits at $11.40 billion.
Dogecoin price on 1-day price analysis: DOGE/USD pair in a bearish trend
In the 1-day Dogecoin price analysis chart, DOGE/USD has formed a bearish engulfing candlestick pattern which is a bearish trend reversal pattern. The market followed the bearish trend for the past week, and the bearish momentum also intensified today, the coin lost significant value during this time and reached a high of $0.08567 resistance and today prices have dropped below $0.08339 support.
The market volatility for the DOGE market is seen to be high and the market is likely to experience high volatility in the near future. The Bollinger bands are seen to be closing in which is an indication of low market volatility. The RSI indicator is currently at 48.70 and is moving toward the oversold region. The 50-day moving average is trading below the 200-day moving average which is a bearish indicator.
DOGE/USD 4-hour price chart: Recent updates
The 4-hour Dogecoin price analysis confirms that a downtrend has been taking place for the past few hours. The DOGE/USD pair has breached the uptrend line and is currently trading below it. Bears are currently in control of the market but the bulls are trying to make a comeback.
The upper Bollinger band is at $0.0867 acting as resistance while the lower Bollinger band is at $0.08339 functioning as a support. The 50-day moving average is $0.08329 and the 200-day moving average is $0.08442. The RSI indicator is currently below the 44.91 level which is a bearish indicator.
Dogecoin price analysis conclusion
In conclusion, the Dogecoin price analysis shows that the DOGE/USD pair is in a bearish trend as prices decline below the $0.085 level. Prices have recently found support at the $0.08339 level as buyers steps in to defend this key level. The market is highly volatile as prices fluctuate in a wide range. The bulls are seen to be tumbling to defend the $0.085 level as selling pressure intensifies. The bears are seen to be in control of the market as they aim to push prices lower.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-11-19/