Dogecoin price analysis: Bears all set to pull DOGE below $0.32
3 min readTL;DR Breakdown
- Dogecoin price analysis reaveals that bears are trying to break bullish momentum.
- The bears have taken the price levels down to $0.32.
- Recovery is possible if the support level remains at $0.31.
The Dogecoin price analysis is dictating a sudden decrease in price after a stable bullish trend. The bears are desperately trying to take the price even lower than its current value which is at $ 0.321. There has been a definite response from the bears after an undisturbed bearish momentum taking place for hours. If the bears continue to regain strength, then there is a major chance of price going below $0.39 resistance as well.
DOGE/USD 1-day price chart: Bulls loose negligible ground
The 1-day chart showing cryptocurrency values is going towards a slightly bullish side today. There has been a huge momentum built from the side of Bulls in the last week, after which certain retraces of bears were spotted.
Yet, today’s trend shows minimal recovery above $0.32, which is even above the Mean Average (MA) level i.e. $0.31. This is giving hope to the buyers, although the volatility is decreasing which is giving an opposite signal as per Dogecoin price analysis.
The Bollinger bands are also very important in determining the ongoing market trends, and the upper Bollinger band is present at $0.36 while the lower band is at $0.39, respectively. As the previous week Dogecoin price analysis shows, DOGE has seen tremendous recovery for bulls, the Relative Strength Index (RSI) score is going relatively higher and is 65.04 for today.
Dogecoin price analysis: Red candlesticks sail past the ongoing Bullish progression
The 4-hours price chart is showing that a strong overtake has taken place from the bears, which stopped the bulls from going any further. The momentum has been relatively stronger, as the price has immediately dropped to $0.32 after a significant rise.
Still, the coin value is way above the moving average which is the mean value calculated over the course of time i.e. $0.317. If we talk about the Bollinger bands, then they are showing an average value of $0.32 on the chart.
The trending line is going towards the negative side now, and the RSI score has also lowered to 54. The Bollinger bands are narrowing down, hence the decrease in volatility as the upper band reaches $0.33 while the lower band moves up to $0.31.
The past week has seen an evident rise in the price which is why the technical indicators chart is showing support for the bulls. The summary is indicating a buying signal, with a total of 14 indicators being on the buying position, two on the selling while ten on the neutral position.
If we talk about the Moving Averages indicator, then there are about 13 indicators at the buying spot and one indicator each on the selling and neutral spots.
Dogecoin price analysis conclusion
From the above Dogecoin price analysis, it can be critically observed that the bears are taking the lead as a majority. More buyers are trying to break in and reduce the current price levels which have been safely maintained for the past few weeks.
The price levels are going down and today they have reached $0.32 after an appreciable effort. The resistance present at $0.33 can only be crossed if the support levels present at $0.31 continue to be the same or increase further.
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