Dogecoin price action for March 28 appears bearish for most of the day as the crypto market enters a higher low. The price of DOGE is bearish for the rest of the day after the higher low of $0.13, which was set on Friday.
The past couple of days showed strong buying pressure for the market, which unfortunately was not strong enough to subdue the selling pressure and drive prices higher.
Currently, the market is trading below the resistance level set at $0.14, possibly falling further below in the coming days. But a break under the $0.13 support zone could lead to a further downward spiral in the price of Dogecoin, which may likely be at the $0.12 level.
Even as the Relative Strength Index (RSI) indicates that the market is already oversold, the possibility of a price rebound is imminent. However, the MACD indicator shows a bearish trend with no sign of an incoming reversal.
As the market condition becomes bearish, the value of the meme cryptocurrency also appears bearish. Even with strong selling pressure, prices are expected to decline in the short term.
But a break below the support level at $0.13 could lead to prices falling near the $0.12 zone in the short term.
DOGE In Need Of Another Higher Low
The volatility of Dogecoin is currently high. The daily occurrence makes the DOGE precarious as the price jumped further high around the $0.14 mark and low at $0.12 around the past 24 hours. The price of Dogecoin on Friday was set at $0.13 before buyers’ activities pushed it up to a high of $0.145 in the previous day’s trading period.
Overall, the market sentiment has been bullish, with most of the top-performing cryptos in the green zone. But Dogecoin seems to be lagging in price action as no major activity was observed.
Furthermore, the next stage of resistance is at the $0.15 mark, where the moving average for the 200-day is currently located. Beyond this, any further barrier is set at $0.155. Support for the downside can be found at $0.13 and $0.125.
Alternatively, the MACD appearing on the daily time frame is currently bearish as the signal slope is about to move below the price line.
Is Lower High A Possibility?
The 4-hour chart depicts the DOGE/USD standing at a high after the previous day’s candle ends with a bull circling over the candle.
The high move drives the price action above the resistance area while retesting the downward trend line as further support before stopping at $0.145. This action culminated in selling pressure as price action moved lower.
DOGE/USD 4-hour chart. Source: TradingView
In conclusion, the price action for Dogecoin for March 28 is bearish, which suggests another rejection for further upward bound movement at $0.14. As a result, the time is not right for the meme token to rise strongly, but another retracement for price action is imminent in the coming week.