Dogecoin price analysis: DOGE displays bullish momentum at $0.138

DOGE

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • The strongest resistance is present at $0.187.
  • The strongest support is present at $0.120.

The Dogecoin price analysis reveals the market following a rocky bearish movement showing bullish potential. On January 21, 2022, the price of Dogecoin was $0.157. The cost of the meme cryptocurrency has experienced a strong downtrend which has caused the value of Dogecoin to decrease significantly. On January 22, 2022, the price went from $0.145 to $0.134, just before increasing the next day; on January 22, 2022, it slightly increased to $0.138. The price is experiencing a fluctuating trend, with the current price of Dogecoin at $0.138.

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 on either extreme. 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 $0.174, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band exists at $0.129, 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. However, whether the bulls will maintain this movement is the real dilemma.

Dogecoin price analysis: DOGE displays bullish momentum at $0.138 1
DOGE/USD 4-hour [tice chart source: TradingView

The Relative Strength Index (RSI) is at 37, meaning the cryptocurrency shows devaluation signs. The RSI falls in the overbought 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 acquires value increment

Dogecoin price analysis reveals the market’s volatility experiencing a complete dormant trend, making the price of the meme cryptocurrency constant to undergo volatile change on either extreme until the volatility fluctuates to a significant degree. 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 $0.131, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating a bearish movement. However, it seems that the meme cryptocurrency has been experiencing a strong downwards direction in the last couple of days, with the price almost breaking the support today.

Dogecoin price analysis: DOGE displays bullish momentum at $0.138 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 35, which signifies that the value of the meme cryptocurrency falls in the undervalued zone. However, the RSI follows an upwards trend indicating the increasing cost of the cryptocurrency and movement towards stability. Furthermore, the RSI score increases because buying activity exceeds selling.

Dogecoin Price Analysis Conclusion

Concluding the Dogecoin price analysis, we deduce that the meme cryptocurrency has begun to follow a rocky bearish trend showing solid bullish opportunities. This will prove good fortune for DOGE, as the bulls gain every opportunity they need to make a comeback. Fortunately, the market dynamics seem to be shifting in the bulls’ favor, and they might soon capture the market and raise the price.

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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