Dogecoin price analysis: DOGE/USD price declines to $0.07097, which shows bearish strength

Dogecoin price analysis shows that the price of the cryptocurrency has been trending downward since yesterday, and the market is being controlled by bears, who are expected to keep up their momentum. The price has dropped to a level of $0.07097 due to the negative trend for the past 24 hours. The market opened today at $0.07137 resistance and slipped to a low of $0.07005 support in the first few hours of trading. The digital asset is down by over 0.29 percent in the last 24 hours and is currently trading at the $0.07097 level. The 24-hour trading volume for DOGE/USD pair is currently at $265,049,008, and the market capitalization is now at $9,415,530,103.

Dogecoin price analysis on 1-day chart: DOGE trends turn negative at $0.07097

The one-day Dogecoin price analysis reveals that the market’s current state shows a negative signal when the price falls. The price has currently dropped to $0.07097 as the bears continue to keep their downward pressure on price levels. Moreover, the Bollinger bands are increasing, suggesting that further downtrends are taking place as the volatility increases. 

The Upper Bollinger  Band is currently at $0.0952, which acts as immediate resistance for the price, and the Lower Bollinger Band is at $0.0645, which might act as immediate support for prices in case of a bearish breakout. The MA 50 and the MA 200 are both bearish as they are both below the current market price. This indicates that the bears are in control of the market. The Relative Strength Index (RSI) for DOGE/USD pair is also in a bearish zone and is currently at 36.93.

DOGE/USD 4-hour price chart: Bears in control of the market

The 4-hour price chart demonstrates that the most recent price movement is developing a descending triangle pattern. This pattern is seen as a negative indicator, indicating that the market will probably continue to move downward. The triangle pattern has been created by joining the $0.07137 high and $0.07005 low. The 4-hour chart reveals that the bearish trend will likely continue in the near term as the Moving Average indicator(MA) is below the candlesticks. 

The MA50 is currently at $0.0688, and the MA200 is at $0.0709.Furthermore, the market volatility follows a declining movement, resulting in the cryptocurrency being less prone to volatile change on either extreme. The Bollinger band average is now at $0.0727, whereas the upper Bollinger bands value is at $0.0766, and the lower Bollinger bands value is at $0.0680.The RSI score value is at 27.94 which indicates that the market is still bearish.

Dogecoin price analysis conclusion

In conclusion, Dogecoin’s price analysis shows that cryptocurrency is following today’s negative movement. The market is ready to be taken over by the bears. The bears will eventually take control of the market if the bulls fail to respond quickly.