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

• With this price drop, one dogecoin is now worth $0.116, a 9.12 percent decrease from yesterday.
• The DOGE market is expected to reverse to the upside, as shown by the technical indicators.
• As of this writing, DOGE is supported at $0.1129 and is meeting resistance at $0.1359.

Over the past 24 hours, the price of Dogecoin (DOGE) has dropped from its previous value of $0.116 by nearly 9.12 percent. As its price rallied recently, Dogecoin (DOGE) hit a high of $0.1359 before running into significant resistance and falling back.

At $15,471,065,414 and $6,715,032,428, respectively, market cap and trading volume dropped by 54.90% and 13.22%, respectively. The value of the digital currency could have been influenced by this action.

Bitcoin and US Dollar 1-Day Price Chart (Source: CoinMarketCap)

Both the upper and lower bands are touching at 0.13783 and 0.10910 as the Bollinger Bands contract. Indicative of a reduction in market volatility, the falling volume of DOGE trades tracks with the narrowing of the bands. The fact that the DOGE market is currently gravitating toward its lower band is also contributing to the bearish outlook.

RSI Analysis

The 52.82 point drop on the RSI indicates that the relative strength of a given asset is decreasing. However, the fact that the RSI is pointing south indicates that the DOGE price may continue to fall because the RSI score has remained unchanged and the reading is neither overbought nor oversold, which could mean that there will be a bullish turn soon.

As the blue MACD line moves southward and crosses below the signal line, a bearish momentum is signaled. The MACD line is showing a value of 0.00473, while the signal line is showing a value of 0.00676. The market’s pessimism is supported by the histogram’s negative region, which shows a value of -0.00202.

Price action for the DOGE/USD pair over the past two hours (Source: CoinMarketCap)

Price Chart

In the DOGE price chart, a bullish crossover indicates itself when the short-term MA moves above the long-term MA. The 20-day moving average (MA) is at 0.12349, while the 50-day MA (MA) is at 0.10037.

If the Stoch RSI is above 30 and below -30, that means the market is oversold. It’s important for investors to take note of this pattern because it foreshadows a reversal in the market’s current trend and a possible upward price swing.

USD/DOG 2-Hour Price Chart (Source: CoinMarketCap)

For the bullish trend on Dogecoin to be invalidated, prices must hold above the resistance level.

It was on Coin Edition where I read about the 9.12 percent drop in the price of Dogecoin (DOGE) and the subsequent retracement to $0.116.

See original on CoinEdition

Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.

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