Overall, the crypto market saw gains over the past 24 hours. This is a reverse of some effects from the bloodbath. Dogecoin saw some unusual choppiness during the last week. However, it is too early to tell if the market will see a steady recovery. Bitcoin’s price was $41k when it fell above $40,000, marking an 8% increase in the last day.
Dogecoin is the focus of all attention since March when the price for the meme-coin plunged 10%. Dogecoin managed to pull out of the downtrend in the week that passed, but it was still being beaten down by the bears.
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Prices Analysis: Four-Hour Chart DOGE/USD
At the time this article was written, Dogecoin’s price is $0.120. The meme-coin’s price had fallen to $0.112. on February 24th. As of press time, it stands at just a few points above that price.
Dogecoin tried to break the downtrend in the last 24hrs. Dogecoin managed to reach $0.118, but the bulls are most likely back aboard and Dogecoin trades close to $0.118. Dogecoin could target the $0.112 price point, which was its lowest level for ten months.
As the cryptocurrency saw yet another selling spike, its technical outlook remains very bearish. As the token attempted to move past this price at the beginning March, there is strong resistance at $0.134. Doge has not been able to trade at or near it since March started.
It was trading at a lower level than the 20-SMA, which indicated that the market had regained its price momentum. The coin’s downtrend continued after it witnessed a death cross last week when the 50-SMA was above the 20-SMA. Dogecoin volume also showed a decrease, with both the trading sessions ending in red (see chart).
Fear Index Keeps Looking Grim
For the most part of March, there has been very little buying activity. The coin tried hard to get buyers over the past 24 hour but it was unsuccessful. Relative Strength Index shows the same result as before, when the indicator gradually slipped below the halfway mark at press time. This indicates a new selling trend.
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Also, the Directional Movement Index also declined which confirmed that the buying momentum is on the decline. The -DI was higher than the +DI. Also, the Average Directional Index showed a decline in strength which indicated that there could be a consolidation phase of the market’s price movements over the next trading session.
Fear Index – Fear Index of Dogecoin scored a 22, which corresponds to “Extreme Fear” on the Index. This reading signaled that buyers were scared to buy the asset and that the asset’s price momentum was bearish in nature.