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DOGE Price Analysis: Dogecoin in a spot of bother as bears gain ascendancy 

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•DOGE/USD is currently priced at $0.076 and has decreased 3.81% over the past day

•The trading volumes have increased by 30.76% over the past day

•The technical indicators remain bearish for the near term.

Short Term View: Bears in the driver’s seat as Dogecoin falls

The Dogecoin price today is $0.076161 USD with a 24-hour trading volume of $397,180,050 USD. Dogecoin is down 3.81% in the last 24 hours. The trading volumes have decreased over the past day as a result of increased profit booking whereas the Volume to Market Cap Ratio stands at 0.03931 for the altcoin.

DOGE has been trying to reach its all-time high of $0.7376 which is scaled on May 08, 2022, but to no avail. Dogecoin is currently in the midst of a downtrend, amidst the ongoing turbulence in the geopolitical world. The altcoin trades below the 20 and 50 SMA on the 4-hour chart, indicative of the bearish sentiment prevailing in the market. The ongoing downside could lead to the prices tumbling down to the $0.070 support level, while a change in fortunes could see the asset encountering resistance at $0.085.

Long Term View for DOGE

The relative strength index (RSI) shows Dogecoin marching towards the oversold territory as it currently stands at 35.88. The RSI still shows a downward curve which proves intensive selling in the market. The green histograms have reduced substantially in size as is seen on the daily MACD chart, with Dogecoin currently proving to be of little interest to bulls. The MACD and signal lines are transacting in the negative zone, and further bearish activity would result in a bearish crossover on the daily chart. All of these factors currently contribute to the gloomy outlook for Dogecoin.

Conclusion

The DOGE price analysis for today is bearish beyond speculations as the coin is facing trouble in gathering up the requisite momentum in order to spark a rally. It is trapped in a bearish trend as a result. Hence, a further decrease in price is expected in the coming hours.

Support: $0.070-$0.060

Resistance: $0.085-$0.10

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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Nancy J. Allen
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