- Dogecoin reveals a bearish outlook today.
- For now, DOGE/USD trades at $0.1411.
- Technicals highlight bearishness.
Dogecoin (DOGE) exhibits mixed reactions at the moment, displaying bearishness. While publishing this content, the meme coin exchange hands around $0.14. That comes after a nearly 5% decline since yesterday. As the asset saw lots of volatility surrounding its name, it remained without drastic price changes for a while.
Dogecoin recorded a lower high at $0.14, and failure to keep this level shows inadequate demand at high zones despite substantial buying momentum. The token plunged under 50-day Exponential Moving Average and trades near $0.14 after exploring the peaks of $0.15. Meanwhile, experts expect further price declines in the near term.
DOGE 24Hr Timeframe – Bearish Strength Increases
The previous few candlesticks appear long, implying slow buying activity now. As low volatility seems to continue dominating, DOGE has high chances of hitting previous downside levels. Meanwhile, buy signals remain vital.
A downward break will see DOGE/USD sliding towards the support floor at $0.125. However, buying actions will control the alt at high levels, translating to gradual upswings beyond the $0.14 mark.
Is this the time to buy DOGE? For now, Dogecoin hovers at $0.14. Though the dog coin has a higher probability of dropping further, reversal chances exist. Moreover, experts expect volatility to increase for some time. Such conditions might lead to significant price movements within the coming 24 hours.
DOGE/USD 4Hr Chart – Any Bullish Reversal Chances?
Dogecoin dropped towards the previous resistance at $0.14, so it has chances of surging soon. A bounce here will see DOGE rallying to retest $0.15. However, the token does not have many signals to support an upward breakout. So, market participants may wait for such developments in the coming few days.
The 100-EMA suggests downtrends as it trades at $0.13992964. MACD stays in bearish territory but is yet to go bearish. Meanwhile, the Eliot Wave indicator highlights possible retracement from the bears’ slope. However, this might turn into a steady upswing within the coming week.
For now, the Dogecoin price presents a ‘buy’ opportunity at around $0.14 within the next day. Though the token saw bearish moves, they were not massive, even with low volatility.