The cryptocurrency market is showing great uncertainty today. Dogecoin price analysis shows a loss of more than 0.26%, while Bitcoin and Ethereum are in the black. Similarly, several other altcoins such as Cardano and Litecoin are also reporting losses according to the cryptocurrency heatmap below:
One-day Dogecoin price analysis shows that DOGE/USD pulled back after touching the support line at $0.071 on March 21st.st. november. On the same day, it established local resistance at $0.096, which Dogecoin has yet to test.
Today has been bearish for Dogecoin price analysis. Although the market was not very volatile, the price dropped to $0.08 after hitting a 24-hour high of $0.0845. The RSI shows that Dogecoin price analysis is fairly balanced right now. At the same time, the MACD indicator shows some positive growth, as the strength of negative histograms is decreasing.
24-hour Dogecoin price movement
For the most part, Dogecoin has not been highly volatile today. It hit a 24-hour high of $0.0845 in the first hour and has been bearish ever since. The RSI is currently at 49 on the hourly chart. Thus, the market is balanced and Dogecoin is expected to consolidate in a sideways trend in the next few hours.
Overall, Dogecoin trading volume is down 30.47 in the last 24 hours. Based on this, today’s 24-hour volume-to-market cap ratio of Dogecoin is 0.034, leaving it at 9.th market rank.
4-Hour Dogecoin Price Analysis: Dogecoin Sideways Consolidation Expected
As the RSI is very balanced, no sharp move in either direction is expected. As such, Dogecoin price analysis is likely to consolidate sideways as it enters the $0.079 to $0.0845 range.
At the same time, it may try to retest the $0.079 support line over the next few intervals as the MACD indicator shows some negative gains. Thus, Dogecoin is now moving towards the lower end of the range.
Dogecoin Price Analysis: Conclusion
Dogecoin is not preparing to retest the $0.079 support line. It appears to have entered a new range on the 4-hour chart. So, the next couple of hours will be bearish and the price is expected to drop a bit. Based on this analysis, this may not be the right time to buy Dogecoin for short-term profits. A good time to buy Dogecoin would be around the $0.079 mark.
While Dogecoin price analysis determines its course, consider reading our detailed Chainlink price predictions.
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