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Dogecoin slightly receded on its chart after displaying bullish momentum. Today most of the market movers were seen within the red. Currently, DOGE has found support near the $0.06 region, ages back the meme-coin had traded a touch above the $0.07 price mark.
The technical analysis of the coin still points towards an opportunity of bulls reclaiming levels above the $0.07 mark. Bitcoin too retraced over the last 24 hours and was priced at $22,000. Most altcoins follow the identical price trajectory.
Buying strength faded on the chart but buyers still outnumbered sellers within the market at press time. If Dogecoin continues on its present price trajectory then soon buying strength are going to be replaced by selling strength.
DOGE displayed a relief rally and there’s always an opportunity of retracement before the coin again moves on the upside. it’s to be seen if Dogecoin reclaims higher levels, however, buying strength remains crucial at this junction for the meme-coin.
Dogecoin Price Analysis: Four Hour Chart
DOGE was trading at $0.0686 after the slight retracement as seen at the time of writing. The coin has managed to secure its position on the $0.0600 support line. The overhead resistance for the coin was at $0.0726, moving above which it could witness some resistance at $0.0781.
If the coin picks up momentum then it could even trade above the $0.0840 mark. Further southbound movement, can push Dogecoin to $0.0575 and so below the price of $0.0500. Trading level of Dogecoin fell indicating a fall in buying strength which may be a sign of declining bullishness.
Technical Analysis
DOGE noted a pointy decline within the number of buyers on the four hour chart. Despite Dogecoin visiting the overbought zone, buyers couldn’t hold onto the momentum. a small decline within the buying strength can make selling pressure stronger.
The Relative Strength Index dipped on the chart and was near the half-line which meant that there was a fall in buying pressure.
Price of Dogecoin was peeking slightly below the 20-SMA line which signified that sellers could soon start to drive the value momentum on the chart. The meme-coin however was above the 50-SMA and 200-SMA which indicated that bullish momentum didn’t completely turn.
The meme-coin displayed signs of change in price action on the four hour chart. The Moving Average Convergence Divergence depicts the worth momentum and reversals within the same. MACD displayed a bearish crossover and formed red histograms on the chart.
This reading is tied to sell signal together with a flip within the current price direction. Similarly, Directional Movement Index also demonstrates price movement and direction.
DMI was negative with the -DI line above the +DI line. the typical Directional Index (Red) dipped below the 40-mark signalling that the present price trend was losing vigour at press time.
