The cryptocurrency market has suffered losses in the past few days and expect further downward movement in the coming hours
The cryptocurrency market has suffered losses for the second year in a row this week. The prices of most cryptocurrencies have fallen by over 3% in the past 24 hours. Bitcoin fell below $ 48,000 after hitting $ 50,000 over the weekend.
Ether continues to hover above $ 3,100 and has lost about 7% of its value in the past 24 hours. Dogecoin has been one of the worst losers out there in the last few hours, losing 10% of its value in the process.
Dogecoin could see further losses in the next few hours, with the cryptocurrency market still seeing bearish sentiment. Despite the current mood, the medium and long-term market assessments of most participants and analysts remain positive.
DOGE price outlook
The DOGE / USD 4-hour chart is currently bearish with most of its technical indicators pointing to possible losses in the next few hours. The MACD line has slipped into bearish territory while the RSI has also fallen, indicating an oversold situation.
Should the current downtrend continue, the DOGE / USD pair could test the first major support level at 0.2698 in the next few hours. The cryptocurrency market looks bearish and there could be another sell-off.
In the event of an extended sell-off in the broader cryptocurrency market, DOGE could test the second major support level at $ 0.2510.
DOGE / USD 4 hour chart. Source: TradingView
However, if the market reverses and the bulls regain control, the DOGE / USD pair could cross the 0.2948 pivot, allowing the cryptocurrency to test the first major resistance level at $ 0.3136.
If the broader cryptocurrency market starts an uptrend, Dogecoin could have enough momentum to surpass the $ 0.320 level before the day ends. Dogecoin’s performance is currently strongly tied to the broader cryptocurrency market.
The high of $ 0.3197 reached yesterday could limit further upside if the market fails to regain its impressive performance.