- Dogecoin (DOGE), at the time of writing, was trading at $0.00206 and was experiencing a continual downslide from the 2nd week of the previous month
- The current dip has led the coin to experience a 40% dip from mounting at $0.00349 to breaching the 2-month support
- DOGE currently lacks support from imminent moving averages since it experienced a steep fall in the previous week
- Dogecoin price against US Dollar rose after nearly 45 days of price accumulation from December 2019 until mid of January 2020
- The bearish crossover remains intact as the price trend of the coin hits through the lower 20-day Bollinger Band and intraday is giving no hope as such
Dogecoin Price Analysis
Looking at the 12-hourly DOGE price movement against the US Dollar on HitBTC, we see that the hike after price accumulation was quite a gaining duration. This was just when BTC price was mounting around $10.5k. However, the downslide was quite an unpredictable move in the global crypto market as the most influential power of the market was awaiting the Bitcoin Halving and recorded a “golden crossover” after April 2019. Both the incidents were likely to pump in growth, and Dogecoin is believed to have a concurrent motion with that of BTC.
However, we don’t completely believe Dogecoin to have a concurrent motion as the altcoin is powerful enough to have an independent trade. The market algorithms are different from those of Bitcoin alone. If the market gains momentum, Bitcoin and other altcoins are likely to ramp up as well.
The technical indicators laid show bearish crossover as the signal line of Dogecoin crosses above the MACD line on the hourly chart.
Similarly, the RSI of the coin is at 29.18 and has already slid below the major support at 30 as the price nosedived.