Dogecoin (DOGE) Has Dropped by 9.12%, Retracing to $0.116 By CoinEdition

• Dogecoin drops in value by 9.12% and is now worth $0.116.
• Technical Indicators predict a bullish reversal in the DOGE market
• Support for DOGE is at $0.1129, and resistance is at $0.1359.

Dogecoin (DOGE) has experienced a decline over the past 24 hours, with its price retracing by nearly 9.12% to its current value of $0.116. DOGE reached a high of $0.1359 during the most recent price rally before encountering strong resistance that led it to lose some of its value.

Both the market capitalization and trading volume decreased by 54.90 and 13.22%, respectively, to reach $15,471,065,414 and $6,715,032,429, respectively. This activity may have affected the digital currency’s price movement.

1-day price chart (Source: CoinMarketCap)

As the Bollinger Bands get narrower, the upper and lower bands touch at 0.13783 and 0.10910, respectively. The decline in DOGE trade volume is congruent with the bands’ narrowing, showing a market volatility reduction. A further factor encouraging the negative trend in the DOGE market is the market’s movement toward the lower band.

The Relative Strength Index (RSI), which has a score of 52.82, is pointing south. But since the RSI score has stayed the same and its reading is neither overbought nor oversold, which could mean that there will be a bullish turn soon, the fact that the RSI is pointing south suggests that the DOGE price may continue to fall.

The blue MACD line advances south and crosses below the signal line, indicating a negative momentum. The MACD line has a reading of 0.00473, while the signal line reads 0.00676. The negative region of the histogram, which has a reading of -0.00202, reinforces this market sentiment.

DOGE/USD 2-hour price chart (Source: CoinMarketCap)

On the price chart for DOGE, a bullish crossover is visible as the short-term MA crosses above the long-term MA. The 20-day MA touches 0.12349, while the 50-day MA is 0.10037.

The Stoch RSI has a reading of 17.03, which indicates that it is oversold. This behavior serves as a warning to traders since it suggests that the current market trend is about to come to an end and that prices may swing higher.

DOGE/USD 2-hour price chart (Source: CoinMarketCap)

To invalidate the current bearish trend visible on the Dogecoin market, the bulls must maintain the resistance level and drive prices higher.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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