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•DOGE/USD is currently priced at $0.06 and has increased by 0.25% over the past day
•The trading volumes have decreased by 40.89% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: DOGE bulls’ efforts go in vain
The Dogecoin price today is $0.069950 USD with a 24-hour trading volume of $175,641,317 USD. Dogecoin is up 0.25% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.01896 for the altcoin.
A large sell off has taken place in the market over the past month which has left the DOGE investors found wanting. The dodgy price sentiment has engulfed the altcoin and the Dogecoin price is currently transacting above the 20 SMA but below the 50 SMA on the four hour chart. The bulls will be aiming to arrest the slide and make a dash towards the $0.075 resistance level whereas the bears will be insistent on sinking the altcoin below the $0.060 support level.
Long Term View for Dogecoin
DOGE bulls seem to have crumbled under the heap of expectations as the RSI has plummeted to obscene levels and is currently transacting at 35.47. A move into the oversold territory is no longer a far-fetched possibility for the altcoin. The red histograms, on the other hand, show no signs of improvement whereas the MACD and signal lines continue to transact deep into the negative territory. The recovery for the Dogecoin bulls is still a good distance away.
Conclusion
The technical indicators for DOGE paint a gloomy picture for the coming days as the market has been eroded off the buyers in the market. The coming days will be crucial in determining the future course of the coin.
Support: $0.060-$0.050
Resistance: $0.075-$0.080
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.
