Price Analysis

Dogecoin (DOGE) Trades Under Selling Pressure; Dips at $0.0023

  • Dogecoin hits bottom at $0.0023, after having traded around $0.0027 for a notable time period
  • DOGE price slips to trade at $0.0023 after a month of trading beyond it
  • Dogecoin price records a fall of over 5.5% in the past 24 hours

The whole crypto market crashes as Bitcoin, Ethereum, and XRP trade below the major support levels. Dogecoin was trading above $0.0023 for almost one month now and dipped as the market rips off. The coin is currently trading below 78.6% and even below 61.8% Fib Retracement level.

Dogecoin Price Analysis

DOGE News
Dogecoin Chart By TradingView

Analyzing the daily 3-month movement of DOGE/USD on HitBTC, we see that the coin is currently marking a fresh decrease below $0.0025 at $0.0023. The current price trend, i.e., the red candle formation exhibits the downtrend that is here to stay as there seems to be no hope for an uptrend any soon. Dogecoin is mildly volatile, and it has marked the lowest at $0.00200 and the highest at $0.00319, in the said time frame. Also, the current trading price has no support from the short-term or long-term moving averages, and therefore we believe that the coin holds an ultimate selling pressure.

The current trading price, i.e., $0.00234, which is 17% higher and 26% lower than the respective lowest and the highest point in the past 100-days duration.

Technical Indicators:

The current trading price of Dogecoin has no grounded support from 10-day, 50-day, and 200-day moving average that lie around $0.0025 and $0.0027.

The MACD of DOGE is running bearishly as the signal line crosses the MACD line, which seems to run below zero now.

While, the RSI of the coin is at 31.11, just near to emphasize the selling pressure it holds by being inclined to the oversold region.

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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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