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Dogecoin price analysis: DOGE attempts to push back above $0.08 on another seller dominated day

Analytics

www.cryptopolitan.com 13 May 2022 00:15, UTC
  
Reading time: ~2 m

Dogecoin price analysis confirms a bearish reading for today, continuing on a larger decline in the cryptocurrency market. Dogecoin shipped more than 5 percent over the last 24 hours, with price moving to a 13-month low of $0.70. DOGE trading volume rose more than 30 percent over the day’s trade, confirming seller dominance in the market. Price did offer some respite during the end of day, moving back up above $0.81 resistance. If buyers continue to come into the market for DOGE, a daily close above $0.90 would be possible and instigate an uptrend.

The larger cryptocurrency market continued to show a widely bearish outlook across the board, as major cryptocurrencies led by Bitcoin extended the market crash. Bitcoin receded down to $26,500, it’s lowest price in more than a year. Ethereum fell below the $2,000 mark with an 8 percent decline, while major Altcoins also showed significant dips. Ripple fell 6 percent to $0.38, Cardano 8 percent to $0.48 and Tron 6 percent to $0.069. Solana dropped 7 percent to move as low as $44.79, while Near Protocol posted the only positive reading with a minor uptrend to move to $6.62.

Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: Massive bearish divergence on daily chart suggests decline set to continue

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen continuing on a descending channel that extended deeper over the day’s price action. DOGE has lost more than 46 percent over the past week and major technical indicators suggest that the bearish pattern is set to continue. Price currently sits well below the crucial 50-day exponential moving average (EMA) at $0.107, which constitutes the upper demand channel. Any potential uptrend for DOGE will have to dissect the 9 and 21-day moving averages.

Dogecoin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) shows a vastly deteriorating market valuation for DOGE, falling well into the oversold zone at 26.91. In addition, the moving average convergence divergence (MACD) curve continues along a bearish divergence, forming lower lows below the neutral zone. While Dogecoin price did offer some respite in moving back above $0.081 today, the current resistance is set not too distantly at $0.090. A daily close above this point could take price back above the $0.1 mark and cease the downward descent.

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.


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