Dogecoin (DOGE) Market Set To Terminate Ongoing Dismal Streak

As of yesterday’s close, the price of Dogecoin (DOGE) was $0.07864; however, bears have succeeded to lower the price, even more, today, with DOGE finding support around its intra-day low of $0.07746.

DOGE was appraised by bears during the slump at $0.07802, a decrease of 0.29%.

The market capitalization and trading volume dropped by 2.14% to $10,313,474,936 and 10.43% to $295,730,993, accordingly, reinforcing the DOGE market’s collapse.

DOGE/USD 24-hour price chart (source: CoinMarketCap)

Increasing bearish pressure on the DOGE market is shown on the 4-hour price chart by the Bollinger Bands, which are moving southward. This is shown by the fact that the top and lower bands touch at 0.08518 and 0.07355, respectively. This pessimistic mood has been reinforced by recent price action that has been downward trend towards the lower band.

A rising TRIX score represents gaining momentum, whereas a falling TRIX score represents the losing ground. Due to the TRIX reading of -46.94, which signifies a sell signal when it drops below the zero line, traders continue to worry that bears will keep control of the market, leading to a decline in DOGE.

Traders may use the zero line to foretell when an upswing will inevitably expire in a downtrend. To confirm a price increase, the number must rise above zero, and to confirm a price drop, the number must fall below zero. Further decline in the DOGE market is anticipated as the Klinger Oscillator has now moved below the “0” line with a value of -278.026k on the 4-hour price chart.

DOGE/USD 4-hour price chart (source: TradingView)

On the 4-hour price chart, the formation of a green engulfing candlestick dims this bearish outlook. Furthermore, the stochastic RSI’s move into overbought territory (84.62) is causing concern among investors. Bear momentum is expected to weaken at this level, as an overbought reading indicates that the current market is nearing its end.

DOGE/USD 4-hour price chart (source :TradingView)

Bears are still in charge of the Dogecoin (DOGE) market, but there are signs that this could change soon.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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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