- Dogecoin price analysis suggests a return to the $0.260 mark
- DOGE faces resistance at the $0.250 mark.
- The closest support level lies at the $0.240 level.
The Dogecoin price analysis shows that since falling to the $0.2400 mark, DOGE has struggled in climbing above the $0.2600 mark and continued to oscillate between the two levels for the past four days. Today, the price fell to the support level but has bounced back and climbing towards the $0.250 mark while traders continue speculating.
The broader cryptocurrency market observes a bullish sentiment over the last 24-hours as most major cryptocurrencies record a positive change over the period. Major players include ADA and SOL that record a 15.22 and a 6.14 percent incline respectively.
Dogecoin price analysis: Price oscillates as speculation runs high
Across the technical indicators, the MACD is bullish as exhibited by the dark green histogram. However, the indicator shows low bullish momentum as the green histogram is very small at press time. The indicator exhibited a bullish crossover two days ago and has remained green since. However, despite that, the momentum has remained low as DOGE faced strong resistance in climbing above the $0.260 mark.
The EMAs are currently below the mean and move along the x-axis. The 12-EMA is moving upwards but with a gentle slope while the 26-EMA continues horizontally.
The RSI is currently neutral but trades low near the edge of the oversold region. Currently the index is hovering at the 35.00 unit mark suggesting further downwards movement is unlikely. If DOGE falls below the $0.2400 mark, then the RSI would issue a buy signal suggesting upwards movement.
The Bollinger Bands are currently narrow and have observed a drastic convergence in the past three days as the Dogecoin price started oscillating between the $0.240 and the $0.260 mark. Currently, the bands’ limits are moving horizontally suggesting a dropping trade activity for the currency. Overall the bands indicate that DOGE volatility would remain low across the short term.
Technical analysis for DOGE/USDT
Overall, the 4-hour Dogecoin price analysis issues a sell signal with 13 of the 26 major technical indicator suggesting a downwards movement across the timeframe. On the other hand, only three indicator are issuing buy signals suggesting low bullish presence at the current price level. At the same time, ten of the indicators remain neutral and do not issue any signals at the time of writing.
The 24-hour Dogecoin price analysis shares this sentiment and shows 13 indicators in favor of the bulls against only five indicators supporting the bears. The analysis exhibits a positive sentiment suggesting upwards movement for DOGE. Meanwhile, the remaining eight indicators sit on the fence and do not support either side of the market.
What to expect from the Dogecoin price analysis?
The Dogecoin price analysis suggests that DOGE would retest the $0.260 mark as the technical analyses support the bulls across both charts. However, the market momentum remains low and the price may not return to the $0.300 mark for the time. Nonetheless, there is little room for further downwards movement as the $0.2400 mark provides strong support to the price action.
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