Dogecoin price analysis is showing bearish results for the day as the price underwent a loss once again. The price has decreased up to $0.08584, continuing the downtrend that started during the last week. The short-term trending line is going downwards, which means that the bears are in the leading position. The price is on a continuous decline and has reached the monthly lowest level.
The downtrend has been observed by also most of the top crypto assets, with the notable exception being Bitcoin and Ethereum, which have been relatively stable during this period. The coin has declined by 5.39% in the last 24 hours and is expected to continue on its downward trajectory. The 24-hour trading volume is at $1.46 million, suggesting a large sell-off of the coin by investors, and a market cap at $11.48 billion, which indicates that the coin is still being actively traded despite this downturn.
Dogecoin price movement in the last 24 hours: DOGE drops rapidly
The Dogecoin price analysis shows that the bears have taken control of the market, sending the price down sharply. Over the last 24 hours, DOGE has plummeted and is expected to continue on this downward trajectory throughout the day, if the support level of $0.08556 is broken, but if the resistance level of $0.09399 is not breached, it could signal a reversal in the price movement.
The Exponential Moving Average (EMA) shows that the price of DOGE is below both the 20-day EMA and 50-day EMA, which indicates a continuation of the bearish trend. There are also significant selling volumes being seen, which could suggest further selling pressure in the market. The RSI is at 62.47, indicating that the market is currently oversold. The MACD is in a bearish downtrend, which further confirms the current negative market sentiment.
DOGE/USD 4-hour price chart: Bears are dominating the market
The 4-hour Dogecoin price analysis is showing bearish signs as the price has gone down to reach the $0.08584 level. There has been a continuous decrease in the price during the previous hours, and yet the price is covering the downward movement at present. The MACD is in a bearish move and the RSI is at a low level.
The EMA charts are showing a strong downtrend, indicating that the Dogecoin price will continue to fall in the coming days. The 20-day EMA and 50-day EMA are both below the price, which indicates that the trend is likely to continue. However, if there is a reversal in the market sentiments and DOGE/USD manages to breach the resistance level of $0.09399, it could be a sign of a potential bullish reversal.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis shows that there is significant selling pressure in the market, driven by strong bearish momentum. However, it remains to be seen if this downtrend will continue or if there will be any bullish reversal during this period. In any case, it is important to remain cautious and to carefully monitor market developments in order to make informed investment decisions.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-11-13/