The value of Dogecoin has fallen dramatically in the past week. In just one week, it lost 15% of its value. DOGE has fallen by 0.7% over the last 24 hours. The market is trading in a range-bound movement, with price action pointing towards this trend for the next few days.
The price of Dogecoin has been consolidating for a few days now, and it could be about to fall below its closest support line. The price of this DOGE might rise higher than it currently stands if the bulls succeed in pushing up other coins.
Since the broad market’s recent weakness, many altcoins have fallen on their respective charts. The technical outlook for Dogecoin is very positive right now. Recent price moves indicate there are chances of buyers overtaking bears, which means it may continue up towards a higher price.
Bulls will continue to struggle as they cannot find buyers in the market. The price of Dogecoin has risen 4% over the past week, but it is currently falling. This coin has been in high demand at lower prices.
Dogecoin Price Analysis: Four-Hour Chart
DOGE is currently trading at $0.068 per coin. The market’s latest defeat was at $0.071, where sellers pulled down the value to take advantage and create more supply.
The demand for DOGE has been high at lower levels, which is why this happened. The overhead resistance for this coin stand at $0.070.
The Dogecoin price has been trading in a tight range for the past few days, but if the price continues to rise, it might hit $0.072. The nearby support level for this popular meme coin awaited at $0.056. To break the overhead resistance, buyers must enter the market again.
Technical Analysis
The current market conditions have caused DOGE to fall in demand, and buyers are leaving too. This may be a temporary problem as other indicators started to turn positive on the chart. It seems that sellers were in charge of the market with this Relative Strength Index moving below half-line.
The Dogecoin price was above the 20-SMA line, meaning that buyers were driving momentum in this market. If the current price action is not enforced, a move to its ceiling will happen over the next few days.
The Moving Average Convergence Divergence is a technical indicator that helps predict future price movements by tracking the differences between two types of trends. It does this using an average or calculations based on past prices. MACD formed green signal bars after a bullish crossover, which is tied to an indication that further price increases are possible.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)
