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Dogecoin Price Analysis: DOGE at 0.2424 support, is it time for the moon?

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is sideways for today, finding support at $0.2424.
  • The nearest resistance for the price action remains at $0.2516 and another at $0.2619.
  • The nearest support zone lies at $0.2323, and another at $0.2141.

Dogecoin price analysis is sideways for today as the bulls and bears are fighting for the upper hand. The nearest resistance for the price action has been witnessed at the $0.2516 price level. The support levels are present at $0.2323, and another at $0.2141.

According to the data presented by CoinmarketCap, the trading volume for the coin stands at $1.6 billion, down by 28.00%. This makes DOGE/USDT one of the most actively traded tokens for today. On the other hand, the market cap of the currency dropped by 1.83%. The highest price achieved by the token today was $0.2486, while the lowest remains at $0.2407.

The king of cryptocurrencies, Bitcoin, is still above key support at $54K, trying to breach the resistance at 55K USD. A 31.8 billion trading volume supports the current uptrend for the BTC/USDT pair.

Dogecoin price movement in recent days

Dogecoin exceeded everyone’s expectations for the month of October. Along with Shiba Inu, Dogecoin has been one of the most actively traded tokens in the market. The currency rose by 527% in April alone, followed by a 33.93% surge in August. The prices went down by 26.57% for September, while the coin is up by 21.6% in October.

The DOGE/USDT pair ended with a 2.7% surge for the last day of September, while October began with a 9% surge. The currency rose by 8.84% on 4th October. Although compared to Shiba Inu, Dogecoin wasn’t able to explode.

Dogecoin price analysis: Technical indicators still bullish

According to the Dogecoin price analysis, technical indicators are still bullish. The key Moving Averages are still in a position lower than the price movement as the bullish are trying to take the prices higher. We can see 3 consecutive green candles in the chart below.

The price movement has broken out from the upper end of the Bollinger Bands multiple times in the past few days, as represented in the chart below. If this trend follows, we might see another breakout as the current position of the price movement is in the upper end of the Bands.

Dogecoin price analysis on the 4-hour chart by TradingView
Dogecoin price analysis on the 4-hour chart by TradingView

The histogram on the MACD indicators turned red as the bears have taken over the price action. We saw a bearish crossover on the 4-hour chart a few days back, and lower prices followed. Currently, the MACD line is still moving above the signal line as the bearish trend continues.

On the other hand, the RSI line is still in the bullish region as the gradient is positive, indicating that the buying pressure is rising. The value is above 50, and higher prices will break the resistance at $0.2619.

Dogecoin Price Analysis: DOGE at 0.2424 support, is it time for the moon? 1
Dogecoin price analysis on the 4-hour chart by TradingView

Dogecoin price analysis: Conclusion

Our Dogecoin price prediction can be concluded on a bullish note as the DOGE/USDT trading pair is ready to test the resistance at $0.2619. Furthermore, AMC has given the green signal for accepting Dogecoin payments using BitPay. This makes investors bullish on Dogecoin in the longer run.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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