- DOGE is currently worth $0.09366 after a 2.13% increase in price.
- The meme coin’s price has established a bearish price channel.
- DOGE’s price could risk dropping to $0.08978.
The predicted outcome of the US FED announcement yesterday has led most cryptos to be in the green for the day so far, and Dogecoin (DOGE) is no exception.
According to the crypto market tracking website, CoinMarketCap, DOGE is currently worth $0.09366 after a 2.13% increase in price over the last 24 hours. DOGE also reached a high of $0.09575 and a low of $0.08875 over the same time period.
The meme coin’s decent performance over the last day has contributed to its successful weekly performance as DOGE is in the green by more than 8% over the last seven days. However, DOGE did weaken against the two biggest cryptos Bitcoin (BTC) and Ethereum (ETH) by about 1.29% and 3.82% respectively over the last 24 hours.
Also, the meme coin is in the red zone as the 24-hour trading volume dropped by more than 14% since yesterday and currently now stands at $1,008,701,439.
Looking at the 2-hour time frame for DOGE/USDT, the meme coin’s price has established a bearish price channel. At press time, the price of dogecoin (DOGE) looks like it will fall below the 9 EMA and 20 EMA lines on the 2-hour chart. This is a bearish flag that traders may want to keep an eye on.
Another bearish technical flag is present with the RSI indicator. Currently, the RSI line is sloped negatively towards the oversold territory. In addition to this, the RSI line is on the verge of crossing bearishly below the RSI SMA line. If these bearish technical flags play out, DOGE’s price could risk dropping to $0.08978.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
