Amid the price appreciation the crypto markets have been enjoying for some time, it is not a period of excitement for the meme cryptocurrency, as the price of Dogecoin is moving in the direction of a downward spiral.
The latest price indicator points to a bearish market trend for the DOGE as the bears appear to have been gaining the upper hand as the price of Dogecoin declined significantly today. The cost of the leading meme cryptocurrency seems to have continuously fallen since yesterday as selling pressure overtook the market.
The bears appear to be having a field day once again as it pushes the price down to $0.132. Although the retracement is not as strong as before, the trend puts sellers in the driving seat at the moment.
DOGE Expected To Retest The $0.127 Support
The price chart for the one-day Dogecoin price review shows that the bears dominate today’s price performance as the price level keeps on decreasing. Although a slight price rise occurred on February 28th and later on March 1st, the meme token encountered rejection, further leading the price to decline downward to $0.132 in the past 24 hours.
Consequently, this led the token to lose about 1.20% of its value in the same time frame and hang at the price support level of $0.127.
The price volatility of the DOGE is set high, which is presently at $0.152 level, indicating resistance, while the lower band stands at $0.119, which shows the strong support zone. The price movement is downwards in the direction of the moving average (MA), currently standing at $0.129.
The relative strength index points to an index of 44, close to the lower part of the neutral zone with a somewhat downward curve, hinting at more selling action in the market.
However, as the price action moves downward today, the bears appear to take control of the driving seat as the previous night, which continued for more than 7 hours. But the bullish activity appears at intervals during the last four hours, as depicted by the green candlestick on the chart.
The RSI is moving straight up as the buying activity continues in the market; the RSI indicator is located at index 53, a little closer to the neutral zone.
The current price analysis of Dogecoin shows the value of the meme cryptocurrency appears to decrease to a large extent, as the price has been on a downward spiral for the past eight hours since the beginning of the trading period.
Notwithstanding the general upward movement of prices in the previous days that has seen the majority of coins, including Dogecoin, regain their value, the latest price analysis did not come as a surprise to many.
Some analysts believe that the price of Dogecoin will continue to go down in the next couple of hours if the market pressures continue to exert their influence and the bearish pressure.