Dogecoin has been trading almost stably after having hit bottom at $0.00208. The ongoing trading month started with a decline as the coin was trading around $0.00240, while currently, it is bottoming out at $0.00211. As per the current trading price area, DOGE/USD is facing a major resistance at $0.00223 and major active support at $0.00209.
DOGE Trades Bearishly With Weak Momentum
Analyzing the two-hourly movement of Dogecoin to USD on HitBTC, we see that the coin experienced a downtrend initially. As observed, the price slid down from $0.00240 to bottom out near $0.00210, recording a plunge of over 12%. A temporary hike took the Dogecoin price to trade at $0.00232 just to record a fresh fall at $0.00208, marking a dip of over 10% within no time.
However, currently, the price of Dogecoin is marking a stable descending price range with not enough volatility observed. The bearishness prevails as the coin inherits a strong selling pressure with no support from the short-term moving averages. As per the DOGE forecast, there seems to be a declining trend as the coin lacks the momentum to have a robust recovery.
We confirm the same from the technical indicators assigned as per the current movement of Dogecoin. The MACD of the coin is running below zero and holds the bearish crossover as the signal line is overpowering the MACD line.
The RSI of DOGE is 42.01 and holds no extremities of hitting either the oversold or overbought region.
