Dogecoin price analysis turned severely bearish over the past 24 hours, as price dropped down past the $0.069 support zone to incur a 5 percent decline. DOGE dropped from its long-standing support around the $0.07 mark with today’s dip, and is expected to lower further down to $0.063. Dogecoin price has endured a forgettable month of December, falling more than 45 percent since December 5 when price was at a high of $0.11.
The larger cryptocurrency market also remained bearish over the past 24 hours, as major cryptocurrencies recorded minor losses against yesterday’s trends. Bitcoin fell further away from its pursuit of the $17,000 mark after dropping down to $16,600, while Ethereum remained below $1,200. Among leading Altcoins, Ripple rose to $0.34, and Cardano to $0.24. Meanwhile, Polkadot sits at $4.32 and Solana rose 3 percent to move up to $9.89.
Dogecoin price analysis: DOGE falls further below crucial moving averages on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen forming a descending triangle pattern since December 25 to fall as low as $0.066. With further decline set in place, trading volume over the past 24 hours rose up to 48 percent, indicating selling as the major market action. Meanwhile, with today’s 5 percent decrement, DOGE price fell further apart from the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.072.
Meanwhile, the 24-hour relative strength index can be seen depleting further into the oversold zone at the 32 mark. If price is to form a rebound, the RSI movement up to the 45 mark will be crucial. Furthermore, the moving average convergence divergence (MACD) curve continues to show a bearish divergence, with the trend line continuing below the signal line.
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