Dogecoin price analysis appears to be bearish.The strongest resistance is present at $0.1626.The strongest support is present at $0.1355.
Dogecoin price analysis indicates that the market is entering a bearish trend, with significant potential for reversal action. On April 6, 2022, the DOGE/USD exchange rate fell dramatically after experiencing a substantial downturn, resulting in Dogecoin’s value crashing to $0.1480 on April 7. The price of Dogecoin has continued to fall since then and is currently trading at $0.1358 on April 8. The Dogecoin price analysis also points to a potential head and shoulders pattern forming on the DOGE/USD exchange rate, leading to further downside in the market if confirmed.
The strongest resistance for the Dogecoin market is present at the $0.1626 level, which is where the 100-day moving average is currently located. If the market breaks above this resistance, it could move towards the $0.1750 level. On the other hand, if the market fails to break above $0.1626, it is likely to fall towards the $0.1355 level, the next major market support.
DOGE/USD 4-hour price analysis: Recent updates
On the four-hour chart, we can see that the market has been in a downtrend since April 6, when it reached a high of $0.1737. Since then, the market has fallen by over 20%, with the current price trading at $0.1358 on April 8. The market appears to be forming a head and shoulders pattern, which is a bearish reversal pattern.
DOGE/USD 4-hour price chart source: TradingView
The Relative Strength Index (RSI) for DOGE/USD is currently at 52.17, which indicates that the market is neither overbought nor oversold. However, the RSI is showing signs of bullish divergence, leading to a reversal in the market.
The Moving Average Convergence Divergence (MACD) for DOGE/USD is currently in the bearish zone. However, the MACD line is above the signal line, indicating that the market may be due for a reversal.
The Chaikin Money Flow (CMF) for DOGE/USD is currently in the bearish zone. This indicates that capital flows are out of the market, leading to further downside.
Dogecoin Price Analysis for 1-day: DOGE gains value
Dogecoin is currently trading below the 100-day moving average, which is a sign that the downtrend is likely to continue in the short term. The RSI indicator is also in oversold territory, which suggests that the market may be due for a short-term corrective rally.
DOGE/USD 1-day price chart source: TradingView
The market is expected to find support at the $0.1355 level, which is the next major support for the market. If the market breaks below this level, it could fall towards the $0.1250 level in the short term. On the other hand, if the market rallies from here, it could move back towards the $0.1626 level in the short term.
Dogecoin Price Analysis Conclusion
The Dogecoin price analysis appears to be bearish in the short term, with strong potential for a reversal. However, the market is currently in a period of consolidation, and it is difficult to predict which way the market will move. Traders should watch for breakouts above $0.1626 or below $0.1355 for further clues on the market direction.
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