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Dogecoin price analysis: DOGE to retest $0.273 resistance, amidst new bullish uptrend

Dogecoin price analysis DOGE to retest resistance amidst new bullish uptrend

TL;DR Breakdown

  • The Dogecoin price analysis is bullish today.
  • Next, resistance is found at $0.273.
  • Support is present at $0.262.

The Dogecoin price analysis shows the coin is to challenge the resistance of $0.27, which is the fallen support of 2nd November, that later converted into resistance on 3rd November. The latest bullish momentum looks healthy and has provided good support to the Dogecoin price improving its outlook to a great extent.

The next resistance is present at $0.273, where DOGE may undergo some selling pressure. In contrast, support for DOGE is present at the $0.262 mark. The support is basically the 6th November price level from where the recent bullish trend started after a continuous loss when DOGE fell below the $0.30 level, as the selling pressure was enormous at that time and sellers were bursting the market.

DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.273

The 1-day price chart for Dogecoin price analysis shows that the coin is covering range upwards at a good pace as the price has reached up to $0.271 level at the time of writing. The crypto pair has gained a value of 3.6 percent over the last 24 hours but has gained only 0.37 percent over the past week due to the bearish trend earlier in the week. The trading volume is also up by 15.5 percent, providing a market dominance of 1.25 percent to the Dogecoin. The market cap also shows an improvement of 2.5 percent over the last 24 hours.

Dogecoin price analysis: DOGE to retest $0.273 resistance, amidst new bullish uptrend 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility is high for Dogecoin but not very much, the upper Bollinger band is at $0.295, representing resistance for the coin, and the lower band is at $0.234, the average of the Bollinger bands is at $0.264 representing support for the Dogecoin.

The relative strength index (RSI) is on an upwards curve at index 55, indicating the buying activity in the market, and also shows more room for further bullish activity.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows that the DOGE/USD is on an uptrend continuously from 12 hours, slightly correcting earlier. Overall the uptrend is steady with small increments in price followed by very little corrections in between, but yet no high spike in price has been observed.

Dogecoin price analysis: DOGE to retest $0.273 resistance, amidst new bullish uptrend 2
DOGE/USD 4-hour price chart. Source: Tradingview

The volatility is increasing on the 4-hour chart as the Bollinger bands are now expanding after converging earlier. On the 4-hour chart, the upper Bollinger band at $0.269 represents support for the coin price, as the price is trading above the upper band. The RSI is at a healthy index of 60 on a steep curve indicating buyers majority in the market for DOGE/USD.

Overall the technical indicators are in favor of bulls from moving averages to the Momentum oscillator, but the MACD and the volume-weighted moving average are in favor of bears.

Dogecoin price analysis: Conclusion

The Dogecoin price analysis shows that the DOGE is trying to overcome the $0.273 resistance. If it successfully breaks past this resistance, then we might observe DOGE rallying towards $0.279 over the next session, but DOGE will need to consolidate more before challenging this mark.

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.
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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