Dogecoin (DOGE) Price Analysis

After the dreadful fall in the past few days, the Dogecoin price experienced a major downfall since the start of the week. The mid-week plunge dragged the BTC price below $95,000, which dragged the entire market, including the DOGE price, close to $0.26 from the highs around $0.32. However, the bulls have managed to elevate the levels back above $0.31 but the rally appears to be still under a bearish influence.

The weekly chart of DOGE indicates that the price has yet to rise above the bearish influence. However, the chart and the RSI seem to have formed a similar pattern and if the bulls manage to hold the support at $0.33 until the end of the week, then a fresh upswing could be imminent. Otherwise, the price is feared to drop below the $0.2, facing huge sell-offs. Meanwhile, the ADX is currently bearish, with the levels heading towards a bearish close and the ADX has displayed a bearish divergence.

Hence, bearish waves continue to haunt the Dogecoin price rally; however, a close above $0.35 may invalidate the bearish trajectory. $DOGE