- Dogecoin slipped more than 3 percent on intra-day trade
- Trading volume declined more than 18 percent, suggesting market stagnancy at current trend
- Shiba Inu’s emergence as the top “Dog” cryptocurrency puts DOGE under increased pressure
Dogecoin price analysis for the day shows the meme coin continuing to decline for the fourth consecutive intra-day trade. Price jumped up to $0.338 at the end of last month and has since then been subjected to sellers taking out profits. Moreover, the emergence of Shiba Inu as the top meme cryptocurrency has left Dogecoin in a state of stagnancy, reflected by the 18 percent dip in trading volume over the day. SHIB, in the meanwhile jumped almost 1000 percent at the end of last month, surpassing DOGE briefly by market volume. As Dogecoin price continues to decline, more and more impetus is being shifted to SHIB which holds the key to traders’ sentiments for meme-coin prices currently.
The larger cryptocurrency market showed slight declines for all major tokens, led by Bitcoin’s dip worth 3 percent to take it down to $61,000. Ethereum also decreased 3 percent to move just below $4,500, while Altcoins showed similar patterns. Cardano went down 5 percent to $1.97, while Ripple and Polkadot dipped a single percent to sit at $1.17 and $53.34, respectively. Surprisingly, LUNA went up almost 4 percent to jump above $51.
DOGE/USD 24-hour chart: Price stagnancy causes price to move below crucial EMAs
On the 24-hour chart for Dogecoin price analysis, price can be seen falling below the crucial 20 and 50-day Exponential Moving Averages (EMAs) and continuing to decline. The Relative Strength Index (RSI) shows a value of 52.17, suggesting a slightly undervalued status from the market. Price currently sits just below the middle Bollinger Bands’ curve, highlighting the continuation of expected downturn. At the current trend, price faces resistance at the $0.2860 mark where the 200-day moving average sits, whereas support floor is at $0.253.
DOGE/USD 4-hour chart: Price aims for Bullish Hammer pattern amid weak technical indicators
On the 4-hour chart, price can be seen attempting to rise over the last two trading sessions. This constitutes a minor Bullish Hammer pattern, where buyers have come in late into the market to rescue the declining price. However, price still sits below crucial EMAs, and the RSI value of 45.55 does not present a positive reading for DOGE bulls. Furthermore, the Moving Average Convergence Divergence (MACD) line has also dipped below the neutral zone and sits under the 0.00 mark. Amid weak technical indicators, price can only change course if it can consolidate momentum over the next few short-term trading sessions.
Dogecoin price analysis: Conclusion
In conclusion, Dogecoin currently occupies the shorter end in the battle of meme-coin supremacy, with Shiba Inu topping DOGE in most respects. The declining price has put price in a state of stagnancy, and the extent of the current dip remains unknown. With price fleeting closer to the $0.253 support floor, it may be an ideal time for buyers to enter the market.
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