Dogecoin has experienced an overall bearish trend for the past few months, and today the bearish momentum has taken over the price. The 1-day chart for Dogecoin shows the bears have maintained their advantage and the cryptocurrency has declined 0.93 percent as it has fallen to $0.07399. The trading volume is low which indicates the presence of fewer buyers in the market. The 4-hour chart shows the bearish breakout as the price has dropped to its current value. The Moving Average Convergence Divergence (MACD) is bearish, and the Relative Strength Index (RSI) is still trending lower. All of these technical indicators suggest that the price is likely to move further low.
The bulls did make a return yesterday after a bearish start, so there is an outside chance of a change in trend if the market receives a positive boost. Dogecoin price needs to get out of the bearish cycle and the bulls need to counterattack the bearish activity to turn things around. If the situation remains the same, then the Dogecoin price will likely remain in a downtrend.
Oliver Martinez
- 2023-03-30
Dogecoin Price Dips to $0.07399 as Bears Remain in Control
Dogecoin is trading low and has experienced a bearish trend for the past few months. The 1-day chart shows the bearish breakout, and the MACD and RSI are bearish, suggesting a further dip in the price. The bulls may return if they counterattack the bearish activity.
