Dogecoin (DOGE) Appears Bearish; Fails to Retain the Support
- Dogecoin, at the time of writing, was seen accumulating towards the cumulative low as it trades around $0.0026
- The consistent lower highs formed over the past two years are seen consolidating downwards and forming an apex, although, higher than the original price of DOGE
- The current trading price is not supported by any of the moving averages and holds a bearish divergence as the 200-day MA crosses above both, 100-day and 50-day MA
- Dogecoin is presently less volatile and trades below 38.20% Fib Retracement Level
DOGE price trend forms consecutive lower lows on a 2-hourly chart as the coin slides downwards after hitting a fresh 90-day high at $0.0035.
Dogecoin Price Analysis:
Analyzing the weekly movement of DOGE/USD on HitBTC, we see that the coin is forming notable lower highs cumulatively. The price trend is seen moving towards the apex due to a continual downfall from each of the previous highs marked.
Comparing a 2-hourly against the weekly movement of Dogecoin against US Dollar, we see that the price is notably declining towards the 20-day lower Bollinger Band. The “death crossover” on the hourly chart is also a related reason as to why Dogecoin turns after having an impressive independent trade. This consistent dip has led the coin to slide below the 38.20% Fib Retracement level. However, DOGE is less exposed to upcoming volatility, as confirmed by the band width of the 20-day Bollinger Bands. According to Dogecoin Price Prediction, the bearish divergence remains intact as the coin loses support and lacks momentum at present.