Dogecoin price analysis: DOGE/USD suffers dog days at $0.170

DOGE

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • The strongest resistance is present at $0.187.
  • The strongest support is present at $0.161.

The Dogecoin price analysis reveals the market following a rocky bullish movement. On January 16, 2022, the price of Dogecoin was $0.1779. The cost of the meme cryptocurrency has experienced a strong downtrend which has caused the value of Dogecoin to decrease significantly. On January 17, 2022, the price went from $0.1779 to $0.1701, just before increasing the next day; on January 18, 2022, it slightly increased to $0.1745, which quickly declined on the same day $0.1675. The price is experiencing a fluctuating trend, with the current price of Dogecoin at $0.1703.

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

Dogecoin price analysis reveals the market’s volatility to be following an increasing movement, which means that the value of the cryptocurrency has become more vulnerable to volatile change. The market appears to have loosened the squeeze, resulting in exploding volatility, which will only increase over time. The upper limit of the Bollinger’s band is present at $0.194, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band exists at $0.161, 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 the market has just entered a bullish domain, with the price moving at an upwards velocity.

Dogecoin price analysis: DOGE/USD suffers dog days at $0.170 1
DOGE/USD 4-our price chart source: TradingView

The Relative Strength Index (RSI) is at 45, which means the cryptocurrency shows no signs of inflation or devaluation. The RSI falls in the lower neutral region. However, the RSI score appears to increase, 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 expands volatility

Dogecoin price analysis reveals the market’s volatility experiencing a slightly increasing trend, making the price of the meme cryptocurrency somewhat more likely to undergo volatile change on either extreme. The upper limit of the Bollinger’s band is present at $0.187, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.144, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing well over the curve of the Moving Average, indicating a bullish movement. However, it seems that the meme cryptocurrency has been experiencing a strong downwards direction in the last couple of days, which may soon result in a reversal in the market.

Dogecoin price analysis: DOGE/USD suffers dog days at $0.170 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 49, which shows that the value of the meme cryptocurrency falls in the central neutral zone. However, the RSI follows a clear trend indicating stability. Furthermore, the RSI score remains constant because the buying activity equaled the selling activity.

Dogecoin Price Analysis Conclusion:

Concluding the Dogecoin price analysis, we deduce that the meme cryptocurrency has begun to follow a rocky bullish trend showing substantial 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. Unfortunately, the market dynamics seem to be shifting in the bears’ favor, and they might soon capture the market and bring the price down.

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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