Dogecoin price analysis has turned bearish today, as price dropped down to $0.083 following successive increments since May 27, 2022. DOGE reached up to $0.090 3 days ago and held that zone before sellers flipped the trend over today’s trade. The bounce initiated on May 27 faced an upward cap around $0.087 and faced rejection around this mark once again. However, a move down to support at $0.082 would initiate buyer interest in the market for DOGE, whereby price could be in line for a 50 percent upswing which will cap at $0.133. Conversely, a four-hour candlestick close below $0.073 would invalidate the bullish thesis for Dogecoin price analysis.
The larger cryptocurrency market portrayed considerable increments over the day’s trade, led by Bitcoin’s rise above $31,500 with a 3 percent uptrend. Ethereum rose as well, albeit slightly to move into touching distance of the $2,000 mark. Ripple rose 4 percent to $0.41 while Cardano soared up to $0.60 with a 12 percent increment. On the other hand, Solana and Polkadot recorded minor declines to move down to $45.59 and $10.30, respectively. The Binance token rose 2 percent to move up to $319.50.
Dogecoin price analysis: Price hovers above support at $0.082 on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen forming an evening star pattern to indicate change in trend. After consolidating upwards on consecutive trading sessions, DOGE faced rejection once again around the $0.087 mark and began retracing towards support at $0.082. A bounce from here could propel Dogecoin up to $0.101 over the next 24 hours, which also overrides the 200-day moving average. Price currently sits right on top of the crucial 50-day moving average at $0.085 which constitutes the demand zone. Upward momentum may reappear if price breaks past this zone over the next 24 hours.
The 24-hour relative strength index (RSI) sits in a healthy market valuation state at 41.01, albeit facing a distinct decline since yesterday. Trading volume over the past 24 hours rose more than 40 percent, showing potential signs of market interest from traders. The moving average convergence divergence (MACD) curve is currently forming lower highs above the neutral zone and could attempt a bearish divergence if the pattern extends.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-05-31/