Buying pressure remains sidelined but prices find it difficult to move due to relatively lower liquidity
Dogecoin price analysis remains neutral for today. The ninth-largest cryptocurrency by market capitalization rose to a high of $0.09000 on Tuesday, amounting to a 30% appreciation in two weeks. The price trades in a rangebound manner with no clear directional bias. As of writing, DOGE/USD is exchanging hands at $0.0883, down 0.23% for the day.
In the past 24-hour trading volume dropped 51% to $489,504,586 as per the analytic firm Coinmarketcap. The recent price action looks unimpressive, considering it is taking a pause near the resistance level of $0.0900. A resistance level is a price where supply is expected to be strong to keep prices from moving higher.
Dogecoin’s December bounce ran out of steam around $0.0900, making it a significant price hurdle.
In the 4-hour time frame, the Dogecoin price looks bearish. The Moving Average Convergence Divergence (MACD) histogram, a momentum indicator used to gauge trend strength and changes in momentum, is producing lower bars above the zero line, a sign of receding bullish momentum.
Further, the price is taking support near the 21-day Exponential Moving Average (EMA), spilling a sign of caution for the bulls. If the selling price persists the price could dive toward the 50-day EMA, a comforting sign for the bears at $0.0856.
On moving lower, the price could test $0.0800.
A double top near the high of $0.0900 marks it as a critical resistance hurdle.
On the other hand, a change in the bullish sentiment could see the move north. If that happens, the bulls could test the high of Monday at $0.9314.
