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Dogecoin price analysis: Bullish momentum breaks past $0.33 in terrific fashion

Dogecoin price analysis Bullish momentum terrifically breaks past

TL;DR Breakdown

  • Bulls show immediate reaction after a slight drop according to the Dogecoin price analysis.
  • Price levels have jumped higher to $0.331.
  • Groundbreaking recovery takes support to $0.28.

DOGE/USD 1-day price chart: cryptocurrency surpasses hurdles to reach $0.33

The 1-day price chart showing Dogecoin price analysis is going highly supportive for DOGE/USD. The price levels have regained momentum, and the bulls continue to fight for reestablishing their supremacy. The price levels have reached $0.331 which is appreciable progress as compared to the bearish trends that followed in the past week. The Moving Average (MA) i.e. $0.31 has been left behind if compared to the current price level. The short-term trend line is going upwards and the future trends are expected to prove favorable for cryptocurrency.

Dogecoin price analysis: Bullish momentum breaks past $0.33 in terrific fashion 1
DOGE/USD 1-day price chart. Source: TradingView

The Relative Strength Index has almost scored the overbought limit, as it is currently showing a value of 69.10. Meanwhile, as the volatility continues to grow for the bulls, the upper Bollinger band has reached $0.36 whereas the lower band has reached $0.16, simultaneously.

Dogecoin price analysis: Buyers storm the market, elevating the volume further

The 4-hours Dogecoin price analysis observed a tremendous rise in price today, with the price levels breaking their own records and touching a new high at $0.336. The momentum has been overwhelming for the bears, and they have been unable to overpower the bulls. The price levels are way higher than the Moving Average value which is $0.312 during the present hour. Moreover, the SMA 20 curve has crossed SMA 50 which is a highly bullish indicator for the market.

Dogecoin price analysis: Bullish momentum breaks past $0.33 in terrific fashion 2
DOGE/USD 4-hours price chart. Source: TradingView

The RSI score is also going high and is right now at 61.67, whereas the Bollinger bands value is present at $0.31 in the 4-hours price chart. The volatility is spreading and the upper Bollinger bands value has reached $0.332 and the lower band has reached $0.28 of levels, respectively.

Dogecoin price analysis: Bullish momentum breaks past $0.33 in terrific fashion 3
DOGE/USD technical indicators chart. Source: TradingView

The overall trend for today has been extremely bullish, as the technical indicators are also confirming. The summary relates that a total of 16 indicators are present at the buying space, 10 at the neutral, and none at the selling space. The Moving Averages indicator is also showing strong bullish signals, with 14 indicators present at the buying position, one at the neutral, and no indicator at the selling point.

The general trend has been determined and it is further approved by the oscillators. The oscillators are going bullish, with two indicators at the buying position, leaving nine at the neutral and zero at the selling position.

Dogecoin price analysis conclusion

From the above Dogecoin price analysis, it can be deduced that further improvement in DOGE/USD price can be predicted if the winning trend follows. The price levels are expected to touch a new height above $0.33 if the buyers continue to hit the market. It is only if the support level at $0.28 continues to be the same, that the price charts will observe greater achievements from the bullish side. The resistance at $0.34 can be broken in that way and new records can be constructed for cryptocurrency.

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.
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Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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