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Dogecoin price analysis: DOGE gains tremendous bullish momentum at $0.1226

DOGE

TL;DR Breakdown

  • Dogecoin price analysis appears to be bearish.
  • The strongest resistance is present at $0.1412.
  • The strongest support is present at $0.1151.

The Dogecoin price analysis reveals the market following a bearish movement showing massive room for bullish potential. On March 7, 2022, the price of Dogecoin was $0.1225. DOGE/USD cost of the meme cryptocurrency had experienced a gigantic downtrend which has caused the value of Dogecoin to plummet to $0.1145. On March 8, 2022, the price spiked towards the $0.1200 mark, just before experiencing a downtrend the same day and falling to $0.1157.

Today, on March 9, 2022, the cryptocurrency price has spiked to $0.1226. Dogecoin has been up 2.29% in the last 24 hours, with a trading volume of $562,637,055. DOGE currently trades at $0.1226 and ranks #13 with a live market cap of $16,248,270,765.

DOGE/USD 4-hour price analysis: Recent updates

Dogecoin price analysis reveals the market’s volatility following a slight closing trend. With its volatility following a closing movement, the value of the cryptocurrency is less likely to undergo volatile change. It seems that the DOGE/USD price has become less vulnerable to change from either extreme. The upper limit of the Bollinger’s band is present at $0.1248, which represents the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1151, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing over the curve of the Moving Average, indicating bullish movement. However, tracing the path of the DOGE/USD price, we can also deduce that the price moves towards the resistance point. If they happen to meet in the coming days, the bulls might lose their advantage and reverse the market dynamic; for now, the market appears to move in a bullish domain, increasing the value of the cryptocurrency.

Dogecoin price analysis: DOGE gains tremendous bullish momentum at $0.1226 1
DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is at 54, which means the assets are stable, falling into the upper neutral region. In addition, the RSI seems to follow an upward path, indicating an increasing market, movement towards stability, and dominant buying activity.

Dogecoin Price Analysis for 1-day: DOGE gains positive momentum

Dogecoin price analysis reveals the market’s volatility experiencing a declining movement with the resistance and support band moving toward each other. The price of the meme cryptocurrency will proceed with the volatility and become less vulnerable to volatile change. The upper limit of the Bollinger’s band is present at $0.1412, which serves as the strongest resistance for DOGE. The lower limit of the Bollinger’s band is present at $0.1149, 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. It seems that the meme cryptocurrency has been experiencing a solid bearish trend in the last couple of days but is showing signs of a reversal now as the price starts to move upwards. However, the bears might not keep this trend for long if the price breaks the support.

Dogecoin price analysis: DOGE gains tremendous bullish momentum at $0.1226 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 42, which shows that the value of the meme cryptocurrency is stable, falling in the lower neutral region. However, the RSI appears to be moving upwards, which indicates that the cost is increasing; it also shows the dedication of the bulls as they give strong momentum to the buying activity.

Dogecoin Price Analysis Conclusion

Concluding the Dogecoin price analysis, we can deduce that the meme cryptocurrency has begun to mark its exit from the bearish domain, where the bulls are hard at increasing the value and taking the bears out of the picture. Although, as a result, the trend will probably be reversed in a few days, we might witness the end of bearish dominion.

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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