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

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.

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.

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