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- Dogecoin price analysis shows price declined another 2 percent over the last 24 hours
- Price in line to reach 90-day low of $0.1096 if decline continues
- Imbalanced price action remains unfavourable for buyers
Dogecoin price analysis remains bearish as the token continues the decline that started on March 1. Price has lowered more than 14 percent within the first week of the month, falling from $0.139 to a low of $0.115. This price imbalance without prospect of a proper breakout has deterred buyers from coming into the market for DOGE and the flurry around the meme token seems to have run its course. Over the past 24 hours, DOGE trading volume rose more than 22 percent and market capitalisation fell along with price, completing a bearish outlook for the token.
The larger cryptocurrency market showed positive signs compared to DOGE, as Bitcoin rose 2 percent to stay in touching distance of $39,000. Ethereum rose above $2,500 with a 2 percent increment, whereas Altcoins showed mixed results. Ripple declined 1 percent to $0.72, along with Cardano’s 2 percent decline down to $0.80. Meanwhile, Terra gained a significant 8 percent to move as high as $86.11. Solana rose up to $83.55 and Polkadot rose 3 percent to move as high as $17.10.
Dogecoin price analysis: No signs of an uptrend with bearish indicators on 24-hour chart
The 24-hour candlestick chart for Dogecoin price analysis shows price continuing to recede previous support levels and distributed moving averages (DMAs). The January support for DOGE currently sits 22 percent above current price while technical indicators do not show major signs for the formation of an uptrend. The relative strength index (RSI) shows a lowly market valuation for DOGE at 37.97, which coupled with a 22 percent rise in trading volume shows a scenario where sellers are dominating price action.
In addition, the moving average convergence divergence (MACD) has formed bearish lows since the crossover on March 6, and sits below the neutral zone. Over the next 24 hours, Dogecoin price is expected trade within a narrow range at the current trend and buyers must wait out the market stagnancy for a breakout to occur.
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