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- Dogecoin price often fell from the $0.065 bullish hurdle.
- Again buyers see downtrend in price on hourly chart.
- Buyers await bullish trendline retest to flip short-term trend.
Despite positive news in the market, Dogecoin bears focus to continue lead price decline. Investors were expecting a mass breakout in value but again bears became aggressive and dumped altcoin in this week. Asset against became weak for short-term view.
Dogecoin on 4 Hour Price Scale
Although Dogecoin price is bearish for the past several weeks, buyers barely try to flip the ongoing trend. Recently news came on Wednesday that Elon Musk renewed his bid to buy Twitter. After this positive news flow, DOGE fans believe in price exposure but bears don’t want to lose their grip on trends.
In the 4 hour chart, Dogecoin price often fell from the $0.065 bullish hurdle, still it remains to break. Thus buyers see a downtrend in price in the last few days and the price has reached the $0.0623 mark at the time of writing. Despite sell-off, Buyers await bullish trendline (blue) retest to flip short-term trend one more time.
Dogecoin Price Prediction on Daily Price Chart
Dogecoin price is moving to revisit the 20 day moving average in terms of the daily price scale. Buyers got the highest price rejection near 50 and 100 DMAs twice in the last 20 days. Now the 20 DMA remains the last hope of bulls amid weekly price drop. Meanwhile, trading volume is decreasing due to selling pressure. And the daily RSI indicator is observing at the 50 mark.
Conclusion
Dogecoin price is facing selling pressure despite remaining in the range-bound market. Trading volume is low now. But If buyers fail to fail selling pressure above 20 DMA then this correction phase may take place of sharp downtrend. Below immediate support level, Dogecoin price prediction indicates annual low retest.
Resistance level- $0.065 and $0.090
Support level- $0.055 and $0.050
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
