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Dogecoin price analysis: DOGE/USD declines to $0.07498 after a downward trend

Dogecoin price analysis shows that the price has been moving downward today as the bears have been aggressively pursuing the lead. As the bears took control of the market during the past two weeks, the price fell to an extreme low. Similar patterns were seen throughout the day when intense selling pressure caused the price to drop to $0.07498.  The market is facing support at $0.07461 while resistance lies at $0.07959.The DOGE/USD pair has a 24-hour trading volume of $412,013,294, with a market capitalization of $9,928,712,416.

Dogecoin price analysis for 1 day: Bearish signal intensifies

The 24-hour Dogecoin price analysis shows that the price dropped to the $0.07498 level, making it clear that the price has been on the decline for the previous few hours. Over the last 24 hours, the coin has lost 5.43 percent of its value at the time of writing. The price trend is lower today; it appears to be going in a neutral direction. The moving average is relatively at a lower position, i.e. $0.0837.
DOGE/USD 1-day price chart, Source: TradingView

The SMA line is currently moving downward, demonstrating a pessimistic market trend. The moving average convergence and divergence (MACD) for DOGE/USD is below the signal line, which reveals that the downward trend is going to continue in the near future. The relative strength index (RSI) is currently at 44.94, which shows that market sentiment remains bearish. 

DOGE/USD 4-hour price analysis: Dogecoin prices stabilize at $0.07498

The 4-hour dogecoin price demonstrates that the DOGE/USD pair touched highs of $0.07959 and lows of $0.07461 and is trading at $0.07498 at the moment. Since it lost almost 5.43% of its value in the previous four hours, the market has been in decline. Given the market’s present high level of selling pressure, the downward trend is anticipated to continue.
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DOGE/USD 1-day price chart, Source: TradingView

The 50 SMA is currently at $0.0771, and the 200 SMA is at $0.0722, which shows that the path of least resistance is downward, as the 200 SMA is well above the current market price. The RSI indicator for the DOGE/USD pair is currently at 32.25, which indicates that the market is oversold at the moment and that there might be a price rebound in the market soon. The MACD indicator is currently in the bearish zone as the signal line is above the MACD line.

Dogecoin price analysis conclusion

In conclusion, the Dogecoin market is currently experiencing a bearish trend as a result of the intense selling pressure. Given that the market’s attitude is still negative, the decline is anticipated to persist. Regarding the current economic situation, investors continue to be cautious. If there is further selling pressure, prices will keep dropping.



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