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Technical Analysis Suggests That DOGE Price Will Fall In Next 24H

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Technical Analysis Suggests That DOGE Price Will Fall In Next 24H thumbnail
  • The number 10 place on CoinMarketCap’s list of the biggest cryptos by market cap, Dogecoin (DOGE), has seen a slight price gain in the last 24 hours.
  • DOGE has strengthened against Bitcoin (BTC) and Ethereum (ETH) as well.
  • TA suggests that a bearish move will take place in the next 18-24 hours.

The number 10 place on CoinMarketCap’s list of the biggest cryptos by market cap, Dogecoin (DOGE), has seen a slight price gain in the last 24 hours according to the crypto market tracker.

At the time of writing (9:30 AM GMT + 2), the price of DOGE is around $0.08446, which is a 0.15% price increase compared to what it was 24 hours ago. The weekly performance of Dogecoin has seen it at a loss, however, as its price dropped 4.98% over the last 7 days.

DOGE has strengthened against Bitcoin (BTC) and Ethereum (ETH). Currently, 1 DOGE is worth 0.0.000002876 BTC and 0.0000428 ETH. This means that DOGE has strengthened 0.31% against BTC and 0.24% against ETH.

The market cap of DOGE is around $11,205,949,922. This ranks it under Solana (SOL) with its market cap of $16,972,378,833 and above Polkadot (DOT) with its market cap of $9,911,263,647.

Doge USDT
DOGE posts lower highs on 4 hour chart Source: TradingView

A descending triangle has formed on the 4 hour chart for DOGE/USDT, which is a bearish indicator. This is because the price of DOGE has posted lower highs while bouncing from the $0.0845 level in the last 2 days. Should the price of DOGE break below the $0.0845 level, we could see DOGE drop to as low as $0.075.

Two other technical indicators that corroborate the theory that a short-term bearish move could be expected for DOGE is the RSI looking to cross below the RSI SMA line and the 8 EMA being below the 20 EMA. We could see the move take place within the next day.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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