- The Dogecoin price analysis is Bullish.
- DOGE/USD is currently trading at $0.1734.
- Support is present at $0.154.
The latest Dogecoin price analysis shows a strong comeback from the bullish resurgence. The price has recovered to a level of $0.158, with support at the former low of $0.154. The 4-hour chart shows that Dogecoin is set for a bullish run in the coming days.
A quick look at the 1-day chart shows that Dogecoin, just like other cryptocurrencies in the market, went through a massive sell-off. This was followed by several price fluctuations, which led to a bullish rally. Currently, DOGE/USD stands at $0.1734, with resistance at $0.179 and support at $0.155. The technical indicators show an oversold condition on the RSI, but BTC dominance also seems to be playing its part. This can be seen from the fact that Bitcoin has been trading sideways for some time now, thus affecting even other markets such as DOGE/USD.
Dogecoin price analysis: Recent developments and further technical indications
Technically, Dogecoin price analysis shows a solid Bullish come back from a week ago where it traded at lows below $0.144. The breakout above the descending trend line has been crucial in keeping the bullish momentum going and holding on to it. But can this be sustainable?
The biggest hurdle for Dogecoin is at $0.179, where resistance lines are converging. A break above this level will spell trouble for bears as bulls may well attempt another breakout towards $0.20 if successfully breaching this level convincingly on strong volumes. Only then can we officially declare that a bullish trend reversal has taken place in favor of the bulls.
The other scenario would be a break below $0.155, which will weaken the current bullish attempt and bring Dogecoin down to its previous lows of $0.144 and possibly lower than that if the momentum is strong enough.
So far, Dogecoin price analysis shows a Bullish continuation since it has managed to hold on to the breakout above the descending trend line at $0.154 after recovering from oversold conditions on RSI (14). The uptrend can be expected to continue in line with Bitcoin’s price action, where any dips will find support at $0.174, forming an ascending triangle, which acts as a perfect buy zone for DOGE/USD traders wanting to go long on this pair.
Dogecoin Price Analysis: Conclusion
A break above $0.179 is needed to confirm that Dogecoin price has reversed against the bearish trend and can be expected to follow through with gains in line with other cryptocurrencies in the market, which are all in the green courtesy of an oversold RSI on multiple time-frames. Only then can we expect this uptrend to continue towards its next resistance at $0.20, where more buyers are likely to emerge for a sustainable rally towards new highs.
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