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•DOGE/USD is currently priced at $0.0559 and has decreased by 1.62% over the past day
•The trading volumes have increased by 10.64% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Dogecoin looking for support from the wider crypto market
The Dogecoin price today is $0.055932 USD with a 24-hour trading volume of $1,273,148,466 USD. Dogecoin is down by 1.62% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1716 for the altcoin.
The current DOGE price is transacting below the 20,50 SMA on the four hour chart, which is reflective of a bearish trend. Dogecoin is trading in a very decisive phase and a breakout from the 50 SMA will generate an entry signal. If the bears are able to carry on with their merry ways and are able to grab a hold of the market, Dogecoin price might fall to the immediate support level of $0.050. On the flip side, if the bulls grab a foothold in the market, then the trend might reverse and the price of DOGE might rise beyond the $0.060 resistance level.
Long Term View for Dogecoin
The daily-RSI slope for DOGE projected a sharp drop to the bearish territory following an evident bearish divergence. The indicator value is transacting deep into the oversold territory and is currently transacting at 24.01, which highlights a bearish tendency. The gap keeps widening between the MACD and signal lines on the daily MACD chart as they continue to align bearishly in the negative territory. Moreover, the rising red bars on the histogram suggest the bears are strengthening their grip in the market.
Conclusion
In a nutshell, the Dogecoin technical analysis highlights the trendline breakout and reflects a potential fall to the immediate support levels. Hence the prices are likely to experience a downturn in the near term.
Support: $0.050-$0.040
Resistance: $0.060-$0.072
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
