Dogecoin Price Movement Analysis for 29th May, 2021

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Since last week’s price drop, Dogecoin has maintained its ground effectively. Nonetheless, its value has constantly decreased on the chart over the last several days, and there is a probability that the asset may have a major breakthrough shortly. Dogecoin was ranked seventh on CoinMarketCap at the time of publication, with a market worth of $38.7 billion.

Dogecoin 6-hour chart

DOGE/USDT on Trading View

Following the immediate rebound over the previous week, Dogecoin’s value has steadily dropped. DOGE was breaking out a symmetrical triangle at press time, after avoiding any significant breakouts earlier. While the pattern suggested the possibility of a move on either side, the indications were overwhelmingly negative at the moment.

The initial bearish divergence between dropping volumes and increased price movement may be seen. The 50-day moving average has maintained to support the cryptocurrency’s upper barrier, while the SSL indicator was indicating a sell signal, with the red line experiencing a bearish crossing.

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Market Rationale

DOGE/USDT on Trading View

At the time of publication, the Relative Strength Index (RSI) indicated an increase in selling pressure as buyers succumbed to sellers’ dominance. The MACD has also completed a bearish crossing, with the orange line now hovering above the blue line.

Surprisingly, the Awesome Oscillator indicated that bullish momentum was building for Dogecoin, a conclusion that may be challenged in the future.

 

Conclusion 

A re-test of $0.21 would be the worst-case situation for Dogecoin. However, the $0.21-$0.18 range is also a demand zone for the asset, which may allow the coin to assist greater swings upwards after the pullback. Going ahead, market momentum will be critical, and bullishness will be scarce for the meme cryptocurrency.

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