DOGEUSD(4 HR) : DOGE in a consolidated momentumMarket in the last 24hrs
DOGEUSD saw a consolidated momentum between the middle and the lower Bollinger band in the last 24 hours. The trading volume has been on the lower side of the spectrum in the last 24 hours.
Today’s Trend analysis
Price is expected to move in a consolidated manner for some time before changing its direction. The lesser gap between the upper and the lower Bollinger band suggests low volatility until they move in different directions according to the price. For the time being the price can be seen moving towards the bottom Bollinger band which suggests a slight hint of bearish momentum. When the price touches the band if it accepts the band as a support line then bulls might see some relief as the price increases. There is a chance that the price rejects the bottom band which is a more likely scenario than we may see a more prominent bear run for DOGE.
Price volatility was extremely low at approximately 1.75%, with the day's range between $0.239 — $0.260.
Price at the time of publishing: $0.249
DOGE’s market cap: $32.3 Billion
However, the Indicator summary is giving a 'STRONG SELL' signal on DOGEUSD.
Out of 11 Oscillator indicators, 2 are giving a SELL signal, 8 are neutral and 1 is giving a BUY signal.
Out of 15 Moving average indicators, 14 are giving SELL signal, 1 is giving neutral and 0 are giving a BUY signal.
Traded volume has been on the lower side of the spectrum in the past 24 hours. If we don't see a sudden spike in volume then we can expect the above analysis to hold true.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.
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Any feedback and suggestions would help in further improving the analysis!
