Dogecoin price analysis: DOGE moves towards bearish dynamics at $0.0810


Dogecoin price analysis reveals the market to enter a complete bearish movement showing massive room for further hostile activity. DOGE/USD cost of the meme cryptocurrency had experienced a significant decreasing trend which has caused the value of Dogecoin to crash to $0.0796 from $0.0891 on June 1, 2022, but shifted to a positive movement the next day.

On June 2, 2022, the cryptocurrency price gained value further spiked to $0.0815 and additionally gained value on the same day and reached $0.0822 but further declined to $0.0810, which is the current price of DOGE. Dogecoin has been down 6.79% in the last 24 hours, with a trading volume of $677,038,551. DOGE currently trades at $0.0810 and ranks #10 with a live market cap of $10,789,682,413 at writing time.

DOGE/USD 4-hour price analysis: Recent updates

Dogecoin price analysis reveals the market’s volatility following an increasing trend. With its volatility following an opening movement, the value of the cryptocurrency is more likely to change due to the more volatile capacity of the market. As a result, the DOGE/USD price has become less susceptible to change from either extreme. The market appears to be undergoing an opening trend with more volatility, and a further volatility explosion is imminent in the near future. The upper limit of the Bollinger’s band is present at $0.0891, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.0801, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating bearish movement. However, tracing the path of the DOGE/USD price path, we can deduce that the price has entered bearish territory recently, followed by an inclining movement, and has continued following an upward approach. Therefore, the bulls might regain their advantage and raise the DOGE price as the price has started moving upwards toward the Moving Average.

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DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is at 40, which means the assets are stable, falling into the lower neutral region. In addition, the RSI seems to follow a downward path, indicating a decreasing market along with movement towards devaluation. The declining RSI score indicates the dominance of selling activity.

Dogecoin price analysis for 1-day: DOGE gains value

Dogecoin price analysis reveals the market’s volatility experiencing a decreasing movement with the resistance and support band moving towards each other. As a result, the price of the meme cryptocurrency will proceed with volatility; for now, the DOGE price appears to be less susceptible to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.0918, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.0775, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. Today, the meme cryptocurrency has entered a solid bearish domain but shows signs of a decreasing market as the price moves downward.

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DOGE/USD 1-day price chart source: TradingView

Dogecoin price analysis reveals that the Relative Strength Index (RSI) is at 37, which shows that the cost of the meme cryptocurrency is undervalued, falling under the lower-neutral region. However, the RSI appears to be moving linearly, which indicates a consistent market with the equivalence of buying and selling activities.

Dogecoin Price Analysis Conclusion

In conclusion, we deduce that the meme cryptocurrency has entered a complete bearish movement in the Dogecoin price analysis. Now the bears are rulers of the market but are likely to maintain their rule. As a result, the price shows further declining opportunities for the future, and bears are likely to decline the price of Dogecoin to a significant degree.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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