- Dogecoin price analysis remains bearish for the rest of the day.
- DOGE/USD made a higher low near $0.13 on Friday.
- Yesterday there was strong buying pressure.
Dogecoin price analysis remains bearish for the rest of the day as the market makes a higher low. Dogecoin (DOGE) price remains bearish for the rest of the day after making a higher low near $0.13 on Friday. The market has seen a lot of buying pressure over the past few days, but it hasn’t been enough to overcome the selling pressure and push prices higher.
The market is currently trading below the $0.14 resistance level and is likely to drop further in the short term. A break below the $0.13 support could send DOGE prices down to $0.12.
The RSI indicator is currently showing that the market is oversold, which suggests that prices may recover in the short term. However, the MACD indicator is still bearish and is currently showing no signs of a reversal.
Dogecoin price analysis remains bearish for the rest of the day as market conditions remain bearish. Prices are likely to continue falling in the short term as selling pressure remains strong. A break below the $0.13 support could see prices drop to the $0.12 level in the short term.
Dogecoin Price Movement Over Last 24 Hours: DOGE Needs Another Higher Low
The daily volatility of Dogecoin is quite high at the moment as the price jumped to a high of around $0.14 and dropped to $0.12 over the past 24 hours. The price made a higher low at $0.13 on Friday before buyers pushed it back to a high near $0.145 during yesterday’s trading session.
The general mood of the market at the moment is quite optimistic, as most of the leading cryptocurrencies are in the green zone. However, it looks like Dogecoin price action is lagging a bit as we haven’t seen any major breakouts yet.
The next resistance level is at $0.15 where the 200-day moving average currently resides. Above this level, further resistance lies at $0.155 and $0.16. On the other hand, support is found at $0.13, $0.125, and $0.12.
The MACD on the daily chart is bearish as the signal line is about to cross below the histogram.
4-Hour DOGE/USD: Lower High Completed?
In the 4 hours chart, we can see that DOGE/USD printed a higher high after yesterday’s candle closed as a strong bullish engulfing candle. This move up caused the price to move above the $0.14 resistance area and also retested the descending trendline as support before stalling around $0.145. We are now seeing some selling pressure as the price starts to move lower.
Therefore, I expect DOGE/USD to pull back again later today to make another higher low on the 4-hour chart. This down move should find support in the $0.1380-$0.14 area before buyers retreat and push prices up again.
The 4-hour time frame shows that prices have formed a bullish pennant pattern, which is usually seen as a continuation pattern. This suggests that the current uptrend is likely to continue and that prices are likely to break the resistance at $0.178 in the near term. The MACD indicator is currently in the bullish zone and rising, indicating an increase in bullish momentum. The RSI indicator is currently at 63.67 and moving towards the overbought area, which may signal a possible price correction in the near future.
On the daily chart, we can see Dogecoin price action trading inside an ascending parallel channel. This suggests that prices are likely to continue rising in the near term as long as they remain above support at $0.12.
The MACD indicator is currently in the bullish zone and rising, indicating that the current uptrend is likely to continue. The RSI indicator is currently at 68.85 and moving towards the overbought area, which may signal a possible price correction in the near future.
Looking at the charts, it seems likely that DOGE/USD will continue to rise in the near future as long as prices remain above the support at $0.12. A break above resistance at $0.143 could see prices rise to $0.17. However, if prices fail to make another higher low and break below support at $0.12, we may see prices pull back to $0.10.
Dogecoin Price Analysis: Conclusion
Today’s Dogecoin price analysis is bearish as we just saw another reversal of more upside momentum at $0.14 which was the previous high. As a result, DOGE/USD is not yet ready for further growth; instead, another correction is required next week, which will set a higher local low.
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