Dogecoin price analysis: DOGE faces trouble while it recovers at $0.219

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TL;DR Breakdown

  • The Dogecoin price analysis is slightly bullish.
  • Next, resistance is found at $0.225.
  • Support is present at $0.203.

Dogecoin started to recover following the Bitcoin lead, but DOGE is finding it hard as the overall price trend line is downwards from 29th October. According to the Dogecoin price analysis, the coin’s price is present at the exact closing levels of the 2nd October, and the 22nd November resistance zones, which is why the coin’s price oscillation is low and the market sentiment is mixed.

Overall, Dogecoin has been unable to post any meaningful bullish gains, as it has been marking only lower highs during November as the bearish pressure is immense, but many coins have started to recover well however DOGE is still struggling hard to find a way out.

DOGE/USD 1-day price chart: DOGE bulls need more strength

The 1-day Dogecoin price analysis shows the bulls are carrying the lead but could not yield any considerable results up till now as the coin is trading at a lower price of $0.219 at the time of writing, following a sideways pattern. DOGE reports a loss of value amounting to 2.05 percent over the last 24 hours, and the coin also reports a loss of nearly nine percent over the past week, as the trend line is downwards for the week with bearish empowerment. The trading volume for the coin has also dipped by 29.32 percent during the day, and the market cap went down by 2.09 percent over this time, resulting in a market dominance of 1.11 percent.

Dogecoin price analysis: DOGE faces trouble while it recovers at $0.219 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility indicator also shows troublesome signs for the DOGE/USD pair as it indicates higher volatility, and the travel of the lower limit of the indicator is more downwards. Even the upper limit also shows a little downwards movement, hinting at the price oscillating downwards for the coming days. However, the lower limit at $0.206 represents support for the meme coin.

The relative strength index (RSI) shows a horizontal curve moving straight, hinting at a not so high paced buying activity, rather a balanced-out situation in the buying and selling. The RSI has been trading in the lower half of the neutral zone and is preset at the index 38 as of now.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows the recovery process started during the last four hours of yesterday’s session and continued during the first four hours today, but recently selling pressure has again shown up, and the coin price is reversing back again as the bears have again taken control over the market.

Dogecoin price analysis: DOGE faces trouble while it recovers at $0.219 2
DOGE/USD 4-hour price chart. Source: Tradingview

The RSI has also taken a turn downwards, indicating the selling activity that just started. The RSI, after lifting up slightly, is again decreasing as it trades at index 41 now on the 4-hour chart. The moving average is trading above the price level at the $0.2199 mark. The Bollinger band lower band represents support for the coin at the $0.214 mark. Most of the technical indications are in favor of bears due to the overall downtrend.

Dogecoin price analysis: Conclusion

As the broader market is wallowing in bearishness same is the case with Dogecoin. DOGE/USD is also following the trend of the leader Bitcoin, as Bitcoin’s recovery is also slow until now as well. The 4-hour performance of the DOGE is also not satisfactory as the price has been seen going south again, but everything depends upon the market. If the downslope continues, then DOGE may still find support around the $0.214 support zone. On the other hand, if bulls gain momentum, DOGE has to face resistance at $0.225.

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.