Dogecoin, at the time of penning down this analysis, was trading at $0.00199. Interestingly, Dogecoin is believed to have a concurrent motion with the king of cryptocurrencies—Bitcoin. Also, all the major altcoins at present are seen drawing a bearish crossover as they lack the momentum to hit the resistance and have a persistent trade.
If observed closely, the daily movement of Bitcoin against the US Dollar has not marked a steep nosedive in the bygone year. While Dogecoin and many other important altcoins are seen drawing a despairing breakthrough. Also, the intraday movement has taken the price of Dogecoin to currently trade around $0.0019 from $0.0020. This steep fall recorded in August and September has led the coin to trade remain inclined towards the lower price range.
Analyzing the daily movement of DOGE/USD on Bittrex over the past 6 months, we see that the coin is exhibiting a continual downswing. Currently, it lacks support from the 9-day, 49-day and 100-day moving average. The projected downtrend that is forming points at a deeper fall as the faces though resistance for a good trade. The 20-day Bollinger Bands are seen narrowing and only the 9-day moving average remains within the Band width. The current price is lower than the marked 20-day Bollinger Band Basis, 9-day, 49-day and 100-day moving average.
The MACD of DOGE is also sending out bearish signals as the signal line overrides the MACD line.
The RSI of the coin is at 45.08 and withholds no extremities at present.