- The Dogecoin price analysis is bullish today.
- Resistance is found at $0.184.
- Support is present at $0.171.
The Dogecoin price analysis report reveals the bulls have strived hard to make a comeback, and so far, they are successful enough as the price has covered a range upward to $0.181 today. A constant downtrend has been following for more than a month as the selling pressure has been high in the market. There have been bullish intervals when the price went up for short periods, but overall, bears have been in the lead mostly. But now, bulls are active and leading the price function for the third day consecutively.
DOGE/USD 1-day price chart: DOGE bulls mark 12.40 percent gains
The 1-day price chart for Dogecoin price analysis shows the bulls have successfully formed a short-term upward trend line, as the price has constantly been increasing. Bulls have also successfully dodged out the bears who were in the lead for the past few weeks as more selling activity was observed in the market previously. As the bulls are taking the price function upwards, the next resistance for bulls to encounter is present at $0.184.
The price is still trading below the moving average (MA) level, which is present at the $0.195 mark. As the price has been on a continuous decline for the last month, the Bollinger bands also show a downtrend, with both its limits shifting downwards. The upper band is present at $0.244, and the lower band is present at $0.172 representing support for DOGE. The relative strength index (RSI) score has improved to 33 after the recent bullish trend.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour chart for Dogecoin price analysis also confirms the bullish trend for today, as the overall momentum is upwards for today as well. The price oscillation came to a standstill at the end of the last trading session but gained some momentum at the start of today’s trading session. Some selling pressure was also observed in between, but bulls have taken control again, and the price improved during the last four hours as well. The MA value is present below the price level at $0.174 on the 4-hour chart.
The volatility is on the decreasing side, as the Bollinger bands show convergence. The upper band has reached the $0.20 mark representing the resistance level for DOGE/USD pair, and the lower band has reached the $0.155 mark. The RSI curve has slightly elevated up to index 46 due to the re-establishment of buying activity during the last four hours.
Dogecoin price analysis: Conclusion
The daily and hourly-based Dogecoin price analysis is predicting an uptrend for DOGE, as bullish activity has been observed during the last few hours and overall as well. If bullish momentum continues, the DOGE/USD may break above $0.184 later today. If selling pressure overpowered the bulls, then DOGE might retrace back to $0.178.
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