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Dogecoin Price Analysis: DOGE appreciates by 4% in 24 hours

Dogecoin Price Analysis

TL;DR Breakdown

  • Dogecoin price analysis looks at DOGE’s $0.3 support line.
  • Different technical indicators show different signs.
  • Dogecoin bulls look focused on pushing DOGE towards $0.34 and $0.4 price regions.

Dogecoin’s price action this year has been nothing less than remarkable. It is in 2021, Dogecoin appreciated by over 12000 percent. This price surge saw the cryptocurrency hit a new all-time high of $0.73 in late April. Despite its impressive price rally, the crypto token retracted with other cryptos during the May market-wide crash. At the time of writing, Dogecoin is exchanging hands at around $0.322.

Dogecoin Price Analysis: General price overview

Tesla CEO and founder Elon Musk has always been attributed to Dogecoin’s positive price movement. Many crypto pundits know very well the self-proclaimed Doge father for his controversial tweets that can make or break a crypto asset. With his tweets, Elon has been able to affect the price of crypto coins, which has led many to label him as a market manipulator.

At the time of writing, Dogecoin is still trading at the lower side of its $0.35 immediate resistance level. At present, $0.30 is DOGE’s closest lower support level, and it has offered the crypto coin support several times over the past few days. Despite Dogecoin’s erratic price movements in the past few days, the crypto coin appears to have found ground around the $0.32 price region. If the crypto coin manages to close the day above $0.35, Dogecoin bulls could pick up momentum and push it towards a higher price level.

Dogecoin price movement in the past 24 hours

Dogecoin Price Analysis: DOGE appreciates by 4% in 24 hours 1
Source: TradingView

According to technical indicators on the 24-hour chart, a break out above the $0.35 resistance level will see Dogecoin look for a new entry-level. This price development will consecutively increase prices and push for demand in the market. After breaching the $0.35 resistance level, Dogecoin’s next stop would be $0.44, a price action projected to initiate a massive bull run and a strong rally. This is sure to lead Dogecoin to a new all-time high of around $0.76.

Despite the optimistic price projections, Dogecoin could soon retract to below its immediate $0.30 support line, an action that might lead to further declines below the $0.28 support line. If Dogecoin retracts to this level, the crypto asset may plunge to a greater level, marking the start of a tough bearish leg. At present, Dogecoin holders are yet to know their next course of action after their master, Elon Musk, stated that he is considering re-accepting Bitcoin as a payment method. Although this comes as good news for the crypto market, it might be bad news for Dogecoin, given that there was hope for the crypto-coin to be selected to replace Bitcoin.

Dogecoin 4-hour chart

According to the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart, Dogecoin currently enjoys bullish projections. Although the trend momentum indicator appears fixed below the midline, the MACD line is currently hovering above the signal line.

Trading at around $0.326, the $0.3 support line has to hold for the bulls to focus on pushing the crypto coin above the critical resistance barrier at the 100 Simple Moving Average. The 100 SMA coincides with the $0.34 price region.

Conclusion

The ongoing price movement presents the perfect opportunity to accumulate DOGE coins for investors who want to buy them when their prices are low. To buy the dog-themed crypto asset, you will need to open an account with one of the trusted crypto exchange platforms, such as Binance. After opening an account, you should be able to buy, sell, and trade your crypto assets.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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