Summary of the situation
- Dogecoin is expected to drop below $0.250 if the bears remain.
- The next support level is at $0.250. The amount of $0.225 and below is $0.225.
- DOGE is facing resistance at $0.300.
After finally breaking through the $0.40 level, Dogecoin was unable to continue its upward movement and the price dropped just below $1.2. Although the price remains just below $0.27 at press time, the downward pressure is very strong and the price could fall further in the near term if the sale continues.
The broader crypto-currency market has seen bearish sentiment over the past 24 hours, with most major crypto-currencies posting losses during this period. Among the major currencies that suffered losses were Ripple XRP and BNB, which fell by 6.76% and 6.28% respectively. At the same time, several cryptocurrencies such as Ethereum, Solana and Uniswap have seen bullish momentum.
Technical indicators for DOGE/USDT
Technical indicators for DOGE/USDT from Tradingview
Of all the technical indicators, the MACD is showing bearish momentum, as shown in the light red histogram. The indicator has fallen below -0.015 over the past two days and remains bearish. On the EMA, the 26-day trading line is above the 12-day EMA, while both EMAs are down.
The RSI is currently in the neutral zone, just above the 40.00 mark, and is not giving any signals. The indicator has been trading in the neutral zone for the past three days. While the RSI again showed a slight upward movement towards the oversold area, which is an increasing sell signal.
Currently the Bollinger Bands are wide, but in the future they will converge due to the presence of dark red candles. The convergence of the bands indicates less volatility in the Dogecoin price. Meanwhile, price is consolidating well below the bar centerline and will tilt downward for the next few candles.
Overall, the technical analysis on the 4-hour chart gives a sell signal, with 11 of the 26 major technical indicators supporting a bearish move. On the other hand, only six indicators give a buy signal, indicating an upward correction. Meanwhile, nine indicators continue to lag, supporting neither side of the market.
The 24-hour technical analysis does not share this opinion and gives a buy signal, as 14 out of 26 indicators point to an upward movement, while only two indicators point to a bearish correction. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.
What should we expect from the Dogecoin price?
4-hour chart with Tradingview
Traders should expect the price of Dogecoin to fall further once it reaches the $0.250 support level. Strong downward pressure could bring the price to $0.2250, but further downward movement is unlikely. The price action will recover quickly once the price finds a strong support level to stabilize.
Conversely, if buyers manage to defend the $0.2500 support level, the Dogecoin price will rise back to $0.300 to retest the $0.3250 resistance level.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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