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Dogecoin price analysis: DOGE continues higher above $0.157 as bullish momentum strengthens

Dogecoin price analysis DOGE continues higher above as bullish momentum strengthens

TL;DR Breakdown

  • The Dogecoin price analysis is slightly bullish.
  • Next, resistance is found at $0.161.
  • Support for DOGE is present at $0.154.

The Dogecoin price analysis predicts an increasing trend for the day as the coin value heightened up to $0.157. The bears were dominating the market before the coin entered consolidation, but now the bulls seem to be taking control of the price trends, as the breakout is upwards after the consolidation phase ended on 4th February. The price function has successfully surmounted the $0.154 resistance today, turning it into support; the next target for DOGE bulls is the resistance present at the $0.161 level.

DOGE/USD 1-day price chart: DOGE continues higher after consolidation

The one-day Dogecoin price analysis confirms a strong bullish trend for the day. The bulls have been dominating the market for the past few days, and the price covered an increasing movement in the past 24-hours as well. More upside seems to be on its way for DOGE/USD as the price just reached the $0.157 high, gaining 6.67 percent value during the last 24 hours, and further recovery is also possible over the day.

Dogecoin price analysis: DOGE continues higher above $0.157 as bullish momentum strengthens 1
DOGE/USD 1-day price chart. Source: Tradingview

Moreover, the daily price chart’s moving average (MA) value is at $0.145 as a crossover between SMA 20 and SMA 50 has also been recorded, which is a further bullish indication.

The Bollinger bands are converging, decreasing the volatility for the DOGE price function. Meanwhile, the upper Bollinger band has been readjusted to $0.158, whereas the lower Bollinger band displays a $0.130 value. The Bollinger Bands average is standing at the $0.144 mark below the MA value. The Relative Strength Index (RSI) score just reached index 55 in the upper half of the neutral zone due to the recent upturn in price.

Dogecoin price analysis: Recent developments and further technical indications

The four hours Dogecoin price analysis predicts a bullish trend, as well as the DOGE/USD market value has increased considerably today. The bulls controlled the market trends bringing an end to the consolidation phase, and as a result, the latest development has been in the bullish direction as well. The price is now settling down at $0.157, and the short-term trending line is still moving ascendingly due to the constant bullish efforts.

Dogecoin price analysis: DOGE continues higher above $0.157 as bullish momentum strengthens 2
DOGE/USD 4-hour price chart. Source: Tradingview

The volatility is high on the four-hour chart. The upper value of the Bollinger bands indicator is present at $0.159 height, whereas the lower band is present at the $0.139 level. The RSI score is still quite high because of the previous bullish trend and is present at index 71 in the overbought region. At the same time, the moving average value at present is $0.153 above the SMA 50.

Dogecoin price analysis: Conclusion

The given one-day and four-hour Dogecoin price analysis predicts a bullish trend for the day as the coin value heightened up to $0.157. The bears were dominating, but now the bulls seem to be taking control of the price trends. At the same time, the hourly price chart also shows green candlesticks as the price has been recorded covering range upwards during the last four hours as well.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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