Dogecoin price analysis shows a strong downtrend for the cryptocurrency today, as the coin value underwent a noticeable reduction. The ongoing decreasing trend has lowered the cryptocurrency value to a $0.06934 low. Although the bulls dominated the market the previous night, the bears are now trying to secure the winning position for now. It is expected that the bearish trend will aggravate further in the upcoming hours.
DOGE/USD 1-day price chart: Coin value demotes to $0.06934 after bearish rush
The daily Dogecoin price analysis shows a downward trend for the market, as strong selling pressure was observed during the day. The price curve shows a downward slope due to the ongoing bearish wave. Red candlesticks are marking bearish supremacy, and the price moved down to a $0.06934 low in the past 24 hours. The 4.90 percent decrease in the coin value is appreciated, but it may not be enough to make a hefty profit if the bearish wave continues.
The price is still lower than the moving average (MA) value at $ 0.07523, which is a bearish sign for now. The stochastic RSI indicator is in the oversold zone and shows that downward momentum might continue in the near future. Additionally, the MACD indicator is in the bearish zone and has a downward signal line.
Dogecoin price analysis: Bearish wave continues as price downgrades further to $0.06934
The hourly Dogecoin price analysis shows that the bears are again occupying the leading position on the hourly price chart, as the price followed a downward movement in the past four hours. Although there have been constant variations in the price trends over the past few hours, the bears are currently winning the game.
The coin value has been devalued to $0.06934 as the bears have made a successful comeback. However, the moving average value is at a much greater height at $0.07119. The MACD line has moved below the signal line, which indicates that bearish momentum will prevail in the near future. Moreover, the stochastic RSI is at $23.25, which indicates that selling pressure is likely to continue soon.
Dogecoin price analysis conclusion
To sum up the Dogecoin price analysis, it is evident that the coin value has decreased significantly in the past 24 hours and currently stands at a low of $0.06934. Moreover, bearish momentum is increasing, as several indicators, such as the MACD and Stochastic RSI, suggest a bearish trend. The bearish may continue if the market does not quickly reverse, although the bulls may try to regain control and set up a bullish trend.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-03-09/