Dogecoin holds support at $0.14 after an 8% crash in prices: What’s next?

Dogecoin price analysis for April 27 ends on a bearish note for the meme coin which might lose the major support of $0.14 in the short term.
Dogecoin price analysis for April 27 ends on a bearish note for the meme coin which might lose the major support of $0.14 in the short term.

Dogecoin price analysis for April 27, 2022, comes on a bearish note for the token with huge chances of losing the $0.14 price level which is a crucial support for the price action. Moreover, as noted in our DOGE price analysis for April 26, 2022, the prices for the meme coin surged by around 30% in just 24 hours and it was able to re-enter the top 10 cryptocurrency list by market cap. However, currently, the token is currently 80.62% low than its all-time high and has retained its 10th position in the market.

The data from CoinMarketCap shows that the trading volume for Dogecoin has dropped by 41.76% in the last 24 hours, followed by a 9.69% drop in the market cap. Moreover, the Market Dominance of the token remains at 1.06%, while the Volume / Market Cap Ratio has a value of 0.1969.

The daily candle for Dogecoin opened at a price of $0.1376 and reached a daily high of $0.1438. Furthermore, the daily low for the token stands at a price of $0.1350, and the price of 1 DOGE at the time of writing is $0.1431.

Dogecoin price analysis on the daily chart for April 27

Dogecoin price analysis on the daily chart for April 27 will take into account the data presented in the daily chart below. 

Dogecoin price analysis
Source: TradingView

The MACD indicator shows that the MACD line is nearly touching the signal line but the latter dominates as the MACD histogram remains bearish.

The RSI indicator reads a value below 52 which means that the bulls are gradually losing their dominance and we can witness lower prices.

The price action for Dogecoin broke out of the bullish zone of the Bollinger Bands but afterward dropped to the bearish end following a price crash in the last 24 hours.

Conclusion

Dogecoin price analysis for April 27, 2022, ends on a bearish note for the meme coin which might lose the major support of $0.14 in the short term.

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