TL;DR Breakdown
- The latest Dogecoin price analysis is going bearish.
- Cryptocurrency price has reduced up to $0.144.
- Support for DOGE is present at the $0.142 level.
The Dogecoin price analysis reveals that the cryptocurrency has once again declined. The bearish pressure has resurfaced following yesterday’s bullish price function, and bears have regained control. The bears have caused a fall in the price to $0.144 and kept their leading role due to this.
The Dogecoin price movement is currently going downward. The current resistance level for DOGE is set at $0.144, and the support level can be seen at $0.142. Today, there has been a further fall in the cryptocurrency’s value until it dropped below 41 satoshis and created bearish momentum. If the bears can hold onto their leading role, then Dogecoin may once again fall below the $0.144 level before reaching a resistance level of 43 satoshis if things continue as they have been doing.
DOGE/USD 1-day price chart: DOGE price levels continue sinking
As seen in the 1-day price chart, Dogecoin’s value has continued to fall due to many different resistance levels being broken. The latest resistance level broken was the $0.144 level that DOGE had struggled to break throughout today. However, the bears could cause a further fall in Dogecoin’s price by causing it to drop below 42 satoshis and creating an increase in bearish momentum, which also caused DOGE to break below the $0.140 level.
As a result of the bearish momentum, Dogecoin hit its lowest value today, which was 41 satoshis. According to many traders, this is not necessarily something to worry about as Dogecoin often reaches lows in bearish swings before it can end them with a price increase. Dogecoin’s price is currently around 40 satoshis as of right now, and it seems that the cryptocurrency could be heading for a bullish rally in the coming days.
DOGE/USD 1-day price chart: Source:Â TradingView
Considering previous trends within Dogecoin’s market, many investors wonder where this trend will go if the cryptocurrency starts to increase in value. In a previous Dogecoin price analysis, it was predicted that DOGE could reach highs of $0.15 in coming weeks. Dogecoin’s value is also slightly above the $0.144 resistance level which was expected, and this could mean that it may reach the predicted highs of $0.15 if it continues to increase in value as well as breakthrough other resistance levels such as $0.150 and $0.152 which are present at the moment.
The Dogecoin price is currently experiencing slight volatility as the cryptocurrency is rapidly gaining and losing value, as you can see in the 1-day price chart. Although this may not necessarily be a good sign, it usually isn’t anything to worry about as DOGE’s sudden changes in price tend to even out just a few hours later. Many investors are hoping to see Dogecoin reach $0.155 soon, and it may do so depending on how this trend continues to develop.
Dogecoin price analysis: Recent price developments
The 4-hours Dogecoin price analysis shows that there has been a continuous downtrend which has caused the price to go down from around 44 satoshis to its current value of 40 satoshis. As mentioned previously, this up and a downtrend is not something to worry about as this has happened many times throughout the history of Dogecoin’s market.
DOGE/USD 4-hours price chart. Source:Â TradingView
The 4-hour chart shows that DOGE is currently facing resistance at 46 satoshis and the SMA200. If Dogecoin’s price can rise back up, then it is likely that there will be resistance at 51 satoshis and the psychological level of 50 satoshis. However, if DOGE does manage to go through 51 satoshis and break past 50 satoshis, the next resistance levels are at 56 satoshis and 61 satoshis, respectively.
Dogecoin’s price is currently fluctuating around the $0.144 resistance level, which looks like it could be broken if DOGE’s value rises soon.
Dogecoin price analysis: conclusion
Dogecoin price has decreased by around 4% in USD value since yesterday. This is likely to continue for a couple of days as more traders invest their money into other cryptocurrencies with larger market capitalization. At the time of writing, Dogecoin was sitting comfortably at the 40th largest cryptocurrency market capitalization. Although this may not seem like too much, it is higher than it has ever been before, showing that Dogecoin’s success continues to grow.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
