Dogecoin price analysis reveals the market to enter a bearish movement showing massive room for reversal activity. DOGE/USD cost of the meme cryptocurrency had experienced a significant decreasing trend which has caused the value of Dogecoin to crash to $0.0821 on May 19, 2022, But obtained a positive movement the next day.
On May 20, 2022, the cryptocurrency price gained value further spiked to $0.0852 and additionally gained value on the same day and reached $0.0869. Dogecoin has been up 2.31% in the last 24 hours, with a trading volume of $554,026,296. DOGE currently trades at $0.0869 and ranks #10 with a live market cap of $11,520,472,521 at writing time.
DOGE/USD 4-hour price analysis: Recent updates
Dogecoin price analysis reveals the market’s volatility following a constant trend. With its volatility following a dormant movement, the value of the cryptocurrency is likely to remain consistent until volatility fluctuates. As a result, the DOGE/USD price has become invincible to change from either extreme. The market appears to be undergoing a squeeze with very low volatility, and a volatility explosion is imminent in the near future. The upper limit of the Bollinger’s band is present at $0.0909, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.0829, which serves as the strongest support for DOGE.
The DOGE/USD price appears to be crossing over the curve of the Moving Average, indicating bullish movement. However, tracing the path of the DOGE/USD price path, we can deduce that the price broke the support recently, followed by an inclining movement, and has continued following an upward approach. Therefore, the bulls might regain their advantage and raise the DOGE price as the price has started moving upwards.
The Relative Strength Index (RSI) is at 48, which means the assets are stable, falling into the central neutral region. In addition, the RSI seems to follow a linear path, indicating a constant market along with movement towards stability. The rising RSI score indicates the equivalence of buying and selling activity.
Dogecoin Price Analysis for 1-day: DOGE gains value
Dogecoin price analysis reveals the market’s volatility experiencing a slightly decreasing movement with the resistance and support band moving towards each other. As a result, the price of the meme cryptocurrency will proceed with volatility; for now, the DOGE price appears to be less susceptible to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.1465, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.0653, which serves as the strongest support for DOGE.
The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. Today, the meme cryptocurrency has entered a solid bearish domain but shows signs of an increasing market as the price moves upward.
Dogecoin price analysis reveals that the Relative Strength Index (RSI) is at 35, which shows that the value of the meme cryptocurrency is undervalued, falling in the undervalued region. However, the RSI appears to be moving linear, which indicates a consistent market with the equivalence of buying and selling activity.
Dogecoin Price Analysis Conclusion
In conclusion, we deduce that the meme cryptocurrency has entered a bearish movement in the Dogecoin price analysis. Now the bears are rulers of the market but are not likely to maintain their rule. As a result, the price shows bullish opportunities for the future, and bulls are likely to come into action soon.
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.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-05-20/