Dogecoin price analysis:Dogecoin to rise to $0.32
3 min readTL;DR Breakdown
- Dogecoin price is expected to rise to $0.32
- The closest support level is at $0.30
- Dogecoin price is facing resistance at the $0.32 mark
After finally climbing past the $0.43 mark, Dogecoin price failed to continue its bullish rally and the price has dropped to just below $0.32.While the price at press time holds just below $0.32 the bearish pressure is still there and the price may fall further in the immediate future if the selling continues.
The broader cryptocurrency market observes a bearish sentiment across the last 24 hours with most major cryptocurrencies recording a loss across the time frame. Main currencies which had a loss include Cardano, and BNB that record a 1.87 and a 5.13 percent decrease respectively. Meanwhile, BTC and ETH record a 3.48 and a 0.43 percent decrease respectively
Technical indicators for DOGE/USDT
Across the technical indicators, the MACD shows a declining bearish momentum. While the histogram is still red at the time of writing, the histogram’s size has decreased significantly as the price is steadily climbing back above the -0.009 mark. While the 12-EMA still trades below the 26-EMA, the difference between the two is negligible and they may show a reversal at any time.
The RSI is currently trading in the neutral zone a little below the 40.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 4 days after coming out of the oversold region on June 8th. At press time the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands at press time are wide and as the last few candlesticks are green the bands will expand further in the immediate future. As the bulls take charge of the market momentum, it will cause the volatility of the Dogecoin price to increase in the short term. However, as the price is consolidating below the bands mean line the price will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a sell signal with 14 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only two indicators issue buy signals suggesting bullish momentum. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.
The 24-hour technical analysis shares this sentiment and also issues a sell signal with 12 of the 26 indicators suggesting a bearish movement against only five indicators suggest a bullish momentum. Meanwhile, nine indicators remain neutral and do not issue any signals at the time of writing
What to expect from Dogecoin price?
Traders can expect small bullish movement by Dogecoin price that would allow it to go past $0.32 or even $0.33.However after that a bearish trend can be expected as both the short term and long term indicators issue a bearish signal.Which will cause Dogecoin to return to its support level of $0.30 or even further below.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
