William Suberg
TL;DR Breakdown
- Dogecoin price analysis is bearish today.
- Closest resistance at $0.5.
- Support is found at $0.09.
Dogecoin is currently trading at $0.0027 against the US dollar, down around 2% on the day. The meme-based cryptocurrency has been on a rollercoaster ride over the past few weeks, seeing its price soar to highs of $0.25 before plummeting back down to current levels.
The sell-off in the cryptocurrency market gathered pace today, with dogecoin losing around 2% of its value against the US dollar. The meme-based cryptocurrency is currently trading at $0.027, down from an intraday high of $0.028.
The cryptocurrency market as a whole continued to decline, with the Bitcoin price declining below $38,000 for the first time in a month. The Bitcoin price fell 3 percent to $37,600 during the trading day. Ethereum lost ground on the $3000 mark as well, falling 3% to $2800. Ripple and Cardano dropped 2% and 5% respectively, while Dogecoin slid 4%. Stellar fell the least, by 1%, and was trading at $0.41 at press time.
Dogecoin price analysis: Bullish signals?
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen forming a descending triangle amid a steady decline in price since April 26, 2022. DOGE sits below the crucial 50-day exponential moving average (EMA) at $0.13. The 24-hour relative strength index (RSI) shows healthy market valuation for DOGE at 43.37. However, trading volume fell more than 32 percent over today’s trade, suggesting traders are currently waiting for an uptrend. The moving average convergence divergence (MACD) curve forms bearish highs below the neutral zone.
A significant uptrend could be triggered if buying pressure increases and Dogecoin price could push through to $0.2 to form a daily close above it. If this happens, market makers will be able to collect the sell-stop liquidity above $0.35. The potential upper cap for this scenario would sit at $0.44. A path towards the all-time high of $0.74 would open if these hurdles are cleared, with the potential for a further upswing to $1.09.
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