- The Dogecoin price analysis is bullish today.
- Next, resistance is found at $0.257.
- Support is present at $0.251.
The Dogecoin price analysis shows bullish signs today. DOGE/USD price is still moving up continuously for the fourth consecutive day. DOGE bulls covered a range of $0.251 to $0.255 today, while the bullish momentum of the last few days brought mighty gains for the coin.
Today most cryptocurrencies are in correction mode, including Bitcoin and Ethereum, after enjoying the full bullish swing, but Dogecoin has not shown any signs of correction yet. Last month’s downtrend was halted when the news of an Ethereum bridge formation hit the market, and suddenly a spike of more than nine percent was observed on Friday 1st October; the bullish momentum continues thereon, raising the coin’s value significantly. The said Ethereum bridge will bring tremendous adoption opportunities for Dogecoin by expanding the practical usage of the cryptocurrency.
DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.257
The 1-day price chart for Dogecoin price analysis shows the price has been on the rise since the start of today’s session. The next test is the resistance of $0.257, which seems to be conquered soon. The DOGE/USD pair is trading hands at $0.255 at the time of writing, while the coin gained a value of more than six percent during the last 24 hours and a value of more than 27 percent over the past week.
The volatility has slightly increased for DOGE/USD as the Bollinger bands ends show some degree of divergence with the upper band at the $0.256 mark and the lower band at the $0.184 mark; the mean average of the indicator is far below the price level, as the price is almost touching the upper band and might go above it. The indicator’s slight expansion shows accommodation for the coins increasing value.
The relative strength index (RSI) is on an upwards curve moving towards the overbought limit but still in the neutral zone at 60 index. The RSI started moving up on 29th September when it was near the undersold zone and has shown continuous improvement in its score ever since. The RSI indicator though neutral shows an increasing buying activity in the market.
The MACD oscillator indicator is strongly bullish, as is exhibited from the dark green color of the histogram. As the bullish momentum is on the rise for Dogecoin, the bars of the histogram are increasing in size. The MACD indicator shows a bullish momentum’s continuation after 1st October.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour price chart for Dogecoin price analysis shows the volatility for the coin has increased enormously from the 4th October as can be seen on the 4-hour chart, and the price has closed outside the upper limit of the Bollinger bands repeatedly, as the candlesticks can be seen going out and above the upper bank, indicating the epitome of bullish momentum.
The relative strength index (RSI) in the 4-hour chart is touching the overbought limit at 69 index but moving straight ahead. The RSI was in the overbought zone from 4th October and landed in the neutral territory yesterday, but it still is at the edge of the overbought zone, indicating a strong positive sentiment for DOGE/USD in the market.
The short-term moving averages MA10, MA20, and MA30 show bullish momentum, along with the exponential moving averages EMA10, EMA20, and EMA30. Most of the long-term MAs and EMAs also support the buying options of the DOGE/USD assets.
Dogecoin price analysis: Conclusion
The Dogecoin price analysis suggests a strong bullish momentum as the market is showing very positive sentiment for the cryptocurrency. The short-term and mid-term technical indications support the buying of DOGE assets and show the potential of more upwards movement for the coin’s price value. Traders should expect the breach of support at $0.257 in the coming hours as the price is escalating fast. The Dogecoin may go as high as $0.265 today.
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