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Dogecoin price analysis: DOGE set to rally 40 percent after recovering from $0.1357 support

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows recovery from yesterday’s dip that took price towards $0.1357 support
  • Price notched over 2 percent to move as high as $0.1512
  • DOGE remains in line for a 40 percent rise up to $0.19 by the end of week

Dogecoin price analysis is bullish for the day, with price recovering from yesterday’s decline towards the support mark at $0.1357. DOGE gained over 2 percent over the last 24 hours to reach as high as $0.1512 and looks set to gain over 40 percent by the end of the week. The overall cryptocurrency market has also been affected by the ongoing Russia-Ukraine tensions. As the situation gets better, buyers are expected to come into the market and push price upwards. A high of $0.19 is expected for DOGE by the end of the week, subject to escalation between Russia and Ukraine, as EU equities tie directly to the situation.

The larger cryptocurrency market consolidated on yesterday’s momentum, as Bitcoin pushed up to $44,000. Ethereum also rose past $3,000 with a 4 percent increment, with Altcoins showing similar standing. Cardano rose up to $1.09, while Ripple added 2 percent to move up to $0.841. Litecoin and Solana rose 2 percent each at $177.60 and $103.3, respectively.

Dogecoin price analysis: DOGE set to rally 40 percent after recovering from $0.1357 support 1
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: Bullish 24-hour indicators highlight potential gains for DOGE

The 24-hour candlestick chart shows Dogecoin price rising past its crucial 25 and 50-day exponential moving averages (EMAs) at $0.148. Having faced rejection around this pivotal point, DOGE will be looking to extend higher at the current attempt. The relative strength index (RSI) shows favourable market valuation at 49.54. Price still remains largely subject to escalations between Ukraine and Russia, and if there is an engagement in war, expect price across the market to plunge. For Dogecoin, this could mean a 24 percent dip back to the $0.103 mark with psychological support further south at $0.1.

Over the short term, DOGE price needs to hold above $0.15 to consolidate and ascend up to $0.19 over the next few days, providing a profitable buying opportunity at current trend. The moving average convergence divergence (MACD) confirms this outlook, showing bearish lows above its neutral zone.

Dogecoin price analysis: DOGE set to rally 40 percent after recovering from $0.1357 support 2
Dogecoin price analysis: 24-hour chart. Source: Trading View

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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