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Dogecoin price analysis: DOGE spikes at $0.1171

DOGE

TL;DR Breakdown

  • Dogecoin price analysis appears to be bullish.
  • The strongest resistance is present at $0.1352.
  • The strongest support is present at $0.1104.

The Dogecoin price analysis reveals the market to have entered a bullish movement showing massive room for further bullish activity. DOGE/USD cost of the meme cryptocurrency had experienced a massive inclining trend which has caused the value of Dogecoin to spike to $0.1171 on March 16, 2022, and continued gaining momentum further upwards.

Today, on March 17, 2022, the cryptocurrency price has spiked to $0.1171. Dogecoin has been up 2.77% in the last 24 hours, with a trading volume of $510,146,862. DOGE currently trades at $0.1171 and ranks #13 with a live market cap of $15,582,952,094 at the time of writing.

DOGE/USD 4-hour price analysis: Recent updates

Dogecoin price analysis reveals the market’s volatility following an opening trend. With its volatility following an increasing movement, the value of the cryptocurrency is less likely to undergo volatile change. As a result, it seems that the DOGE/USD price has become more vulnerable to change from either extreme. The upper limit of the Bollinger’s band is present at $0.1178, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1104, 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 broke the resistance recently and now has begun down a negative path. 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 spikes at $0.1171 1
DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is at 61, which means the assets are inflated, falling into the overvaluation region. In addition, the RSI seems to follow an upward path, indicating an increasing market, movement towards complete inflation, and dominant buying activity.

Dogecoin Price Analysis for 1-day: DOGE moves upwards

Dogecoin price analysis reveals the market’s volatility experiencing a slightly increasing movement with the resistance and support band moving in opposite directions concerning each other. As a result, the price of the meme cryptocurrency will proceed with volatility. The upper limit of the Bollinger’s band is present at $0.1352, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1072, 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. The meme cryptocurrency has entered a solid bullish domain today and is showing signs of an increasing market now as the price starts to move upwards. Furthermore, the cryptocurrency has found strong support at $0.1072, which will likely aid in Dogecoin’s pursuit to the top.

Dogecoin price analysis: DOGE spikes at $0.1171 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 41, which shows that the value of the meme cryptocurrency is stable, falling in the lower neutral region. However, the RSI appears to be moving linearly, which indicates that the cost remains constant.

Dogecoin Price Analysis Conclusion

Concluding the Dogecoin price analysis, we can deduce that the meme cryptocurrency has exited from the bearish domain, and now the bulls are hard at work in increasing the value after taking the bears out of the picture. However, as the resistance has already been broken once, a complete reversal is possible if the bears take advantage of the current circumstances.

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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