Dogecoin price analysis shows signs of a downtrend, as the price underwent a substantial decline in the last 24 hours. If we analyze the market situation from a general overview, the past two days have been bullish for DOGE, but the bears have managed to take over and push the price below $0.07921 resistance. Although the bulls remain in control of the overall market trend, the bears are pushing the price lower.
The DOGE/USD has a strong loss of 1.33% at the time of writing, with a market cap of $10,216,782,638, and a 24-hour trading volume of $723,105,667.
DOGE/USD 1-day price chart: Bearish activity at peak as price levels shrink further
The one-day Dogecoin price analysis confirms a bearish trend for cryptocurrency, as the DOGE/USD value, is going through a drop. A considerable degree of downfall in coin value is being detected due to rising bearish pressure. If the sellers remain persistent, it can be predicted that the price will lower further in the next few hours. The price is now standing at $0.07624, which is a relatively lower level if we compare it to its moving average (MA) value of $0.07294.
The volatility is high, suggested by the Bollinger bands. The upper end of the Bollinger Bands Indicator is now at the $0.07859 position, whereas its lower back is standing at $0.06773. The Relative Strength Index (RSI) index has gone down as well and is trading near the under-bought limit now as the score is touching the index of 39.83.
Dogecoin price analysis: Bulls are unable to push price action any higher
The four-hour Dogecoin price analysis dictates a downtrend, as well as the bears performed overwhelmingly. Although the bulls managed to upgrade coin value in the previous day of the week and are trying to elevate the price level at press time as well, the bears have successfully secured their winning position by plunging down the price four hours earlier. The damage has resulted in price devaluation up to the $0.07624 mark. If we discuss the moving average indicator, then its value is currently $0.0764.
The Bollinger bands average has moved down to $0.07624 because of the constant decreasing trend. The upper band of the Bollinger Bands Indicator is now touching the $0.07869 mark, and the lower band is touching the $0.06977 mark. The RSI curve is trading in the undersold region at an index of 62.49.
Dogecoin price analysis conclusion
To conclude, the Dogecoin price analysis is giving support for the sellers, as a consistent drop in DOGE/USD value is observed. The price lowered to $0.07624 in the last 24 hours, as the bears were leading the game today. The bearish pressure might persist, leading to a further drop in prices, if the support level at $0.07469 holds strong.