Price Analysis

Dogecoin Dips by 11% in Less Than 24 Hours; Battles with Inactive Supports

  • Dogecoin hits bottom and trades at $0.0022, giving a new 30-day low
  • DOGE price has also recorded the trench at $0.0021 in the past 24 hours
  • The selling pressure remains quite dense as the coin gets no grounded support from the moving averages

Dogecoin (DOGE) breaks with no exceptions as it hits $0.00216 in the past 24 hours with a rapid slide down. Marking a drop of over 11% within no time, DOGE’s price broke from $0.0024417 to $0.0021606. The bearish nature seems to be inherited by the global crypto market as it holds no support from the short-term moving averages.

Dogecoin Price Analysis:

Dogecoin Price Chart
DOGE Price Chart by TradingView

Analyzing the 24-hour movement of DOGE/USD on HitBTC, we see that the coin has been underperforming eminently since yesterday. Only then, the king of cryptocurrencies – Bitcoin hit the 90-day low below $7,000 around $6,900.

However, after making attempts to rise, DOGE couldn’t gain the required traction, and so at the onset of the day on November 23, 2019, DOGE price started dipping. With this, it is currently trading at $0.00229, although holding a bearish crossover.

The daily 9-day, 49-day, and 200-day MA remain above the current trading price area viz., between $0.0025 and $0.0027 price range.

The selling pressure remains constant as there seems to be no sign of improvement any sooner.

The MACD of Dogecoin is running utterly bearishly below zero moderate withholding volatility, while the RSI of the coin is declining and inclined towards the oversold region at 33.34.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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