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Dogecoin price analysis: DOGE/USD spikes at the $0.1900 mark

DOGE

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • the strongest resistance is present at $0.1906.
  • The strongest support is present at $0.1433.

The Dogecoin price analysis reveals the market following a strong bullish movement. On January 13, 2022, the price of Dogecoin was $0.1617. The cost of the meme cryptocurrency has experienced a strong uptrend which has caused the value of Dogecoin to increase significantly. On January 14, 2022, the price went from $0.1722 to $0.2089, just before declining the next day; on January 15, 2022, it slightly increased to $0.1803, which quickly rose on the same day $0.1817. The price is experiencing a fluctuating trend, with the current price of Dogecoin at $0.1871.

DOGE/USD price analysis for 4-hours: Latest developments for DOGE

Dogecoin price analysis reveals the market’s volatility to be following an upwards trend, which means that the value of the cryptocurrency has become more vulnerable to volatile change. The market appears to have experienced a squeeze in the last few days, resulting in exploding volatility, which will only increase over time. The upper limit of the Bollinger’s band is present at $0.1982, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band exists at $0.1433, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing over the curve of the Moving Average, indicating a bullish movement. Tracing the path of the DOGE/USD price, we can also deduce that a future reverse trend is possible, with the price moving at a downwards velocity. The price may soon cross under the Moving Average curve and reverse the market dynamic.

Dogecoin price analysis: DOGE/USD spikes at the $0.1900 mark 1
DOGE/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is at 62, which means the cryptocurrency might soon fall into the overbought category. However, the RSI score appears to be increasing, signifying an increment in the value of DOGE and chances of a reversal. The RSI score increases due to the vigorous buying activity exceeding the selling activity.

Dogecoin Price Analysis for 1-day: DOGE/USD attempting a breakout

Dogecoin price analysis reveals the market’s volatility experiencing a slightly declining trend, making the price of the meme cryptocurrency less likely to undergo volatile change on either extreme. The upper limit of the Bollinger’s band is present at $0.1906, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1428, which serves as the strongest support for DOGE.

The DOGE/USD price can be seen crossing well over the curve of the Moving Average, indicating a strong bullish movement. It appears that the meme cryptocurrency has been experiencing a strong upwards direction in the last couple of days, which may soon result in the price crossing over the upper limit of the Bollinger’s band, causing a breakout in the market. The breakout will result in the trend shifting and move towards bearish dynamics.

Dogecoin price analysis: DOGE/USD spikes at the $0.1900 mark 2
DOGE/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is at 60, which shows that the value of the meme cryptocurrency falls in the upper neutral zone. However, the RSI follows an upwards trend and might soon enter the overbought slot. The RSI moving upwards also indicates that the value is increasing little by little; it also shows that the assets might face overvaluation in the future. The RSI score increases due to the buying activity outweighing the selling activity.

Dogecoin Price Analysis Conclusion:

Concluding the Dogecoin price analysis, we can deduce that the meme cryptocurrency has begun to follow a strong bullish trend and is set on achieving its goal of reaching $0.1900; however, the market has shown bullish momentum, but it has also demonstrated bearish opportunities. This will put DOGE in a pickle if the bears seize this opportunity, and with the volatility increasing, it’s anybody’s game.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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