Dogecoin’s bearishness is evident at this writing, as the coin just fell below its immediate support level. A wider market slump can be attributed the price fall. The price movement has been choppy for major market players.
Dogecoin has lost 2% over the past 24 hours and 8% in the week. Global cryptocurrency market cap stood at $1.93 Trillion, with a decrease of 0.2% over the 24 hour period.
The immediate price ceiling for the meme coin continues to face strong resistance. As a result, the price of the meme coin has continued to drop under pressure from buyers.
The coin’s constant fall in buying pressure led to it breaking its current support level. It now looks forward to its next floor.
Dogecoin Analysis: Four-hour Chart
Dogecoin trades at $0.1324, having breached the support level of $0.1345. It has traded in a bearish channel and is now considered negative.
DOGE could fall to $0.1279 if prices continue falling, which would be a 4 percent fall. The coin could trade as close to $0.1190 if the price falls below the mentioned support line.
The trading volume was in red. It was also smaller than previous sessions. This suggests a selling of the charts.
The coin faced rejection immediately at $0.1537. The meme-coin also faced strong resistance at $0.1600.
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Technical Analysis
Dogecoin’s prices were trading beneath the 20-SMA line, which is in accordance with increased selling pressure. According to the 20 SMA line, sellers were driving price momentum. An immediate respite could be provided by a strong push from buyers.
Relative Strength Index saw a lower than half-line, signifying buyers had exited market. At press time, the asset was undervalued and oversold. Prices could fall to the next support level if there are more oversold situations.
The price momentum for the coin is determined by Awesome Oscillator. Dogecoin had negative momentum in price. AO showed red histograms below the half-line which indicates a negative price momentum.
The Parabolic SAAR indicator helps you to see trend direction as well as potential price reversals. Parabolic SAR’s dotted lines were seen above the price candlesticks, which meant that the price was moving south at the time of writing. According to this, the trend in the price was downward on the 4-hour chart.
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