Dogecoin (DOGE) Primed for Further Declines Today: Price Analysis
- DOGE price analysis shows bears preference.
- DOGE/USD trades near $0.1191.
- The meme coin has its support floor at $0.1151.
Dogecoin (DOGE) had its price hovering around the $0.100 level, indicating downtrends within the past day. Moreover, the meme coin has failed to attract buyers amid sluggish movements over the past months. For now, Dogecoin reflects broad market reactions, recording bearish trends when BTC plunged under $40K.
DOGE discovered support near $0.1151, which might halt downside moves for the alt. Nevertheless, breaching this barrier will see the meme token sliding towards the $0.1008 lows. Meanwhile, indicators flash mixed signals, contrary to the negative picture. On the other part, the Relative Strength Index exhibits oversold bias. Nevertheless, the Moving Average Convergence Divergence remains on an upward trend.
DOGE/USD 24Hr Chart: Bearish Activity Dominate
The Bollinger bands tighten, suggesting contracting volatility within the market. Meanwhile, Dogecoin might see a breakout in either direction, but DOGE seems primed for downside moves at the moment. The Chaikin Money Flow (CMF) also suggests selling momentum as money flows out of the space. Meanwhile, Dogecoin saw continued fall over the past sessions, mimicking BTC’s moves.
Further Technical Indications and Latest Developments
The 4hr chart shows DOGE on downtrends and stays beneath 200-period MA. The Relative Strength Index stays in the oversold area, whereas the MACD remained bullish, which might offer prices some support. Continued downward moves will see Dogecoin plummeting towards the $0.1008 lows.
Remember, DOGE has sustained downtrends for more than 300 days. The alt continued sliding after completing a price and time equilibrium cycle on 1 March 2022. Experts believe the token can keep falling until 21 March, the Gann Season date. Broad market sentiment would dictate DOGE’s upcoming movements.
Nevertheless, the Russia-Ukraine conflict remains critical in crypto price trends. Analysts remain optimistic about the cryptocurrency market as the sector proved dependable amid the crisis. Ukraine has received million in crypto contributions, exposing the asset class to more audiences.
Final Thought
For now, Dogecoin exhibits downward trends, changing hands at $0.1194 at this publication. Indicators present mixed signs, but the token’s overall bias appears to be a downside. The original meme coin secured the support floor at $0.1151. However, breaching this area will see Dogecoin exploring the lows of $0.1008.
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