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Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market

Dogecoin price analysis DOGE breaks above as bulls dominate the market

TL;DR Breakdown

  • The Dogecoin price analysis is bullish today.
  • Next, resistance is found at $0.262.
  • Support is present at $0.248.

The Dogecoin price analysis shows the price has increased today after a bullish streak for a continuous third day. Overall the DOGE price showed improvement during the past week as it came up from $0.235 to the current price level of $0.254, while swinging as high as $0.271 at one instance on 18th October. The price breakup was downwards for the first eight hours today, but the circumstances suddenly changed, which we will discuss under the 4-hour chart.

DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.262

The 24-hour Dogecoin price analysis shows bulls have covered an upwards range from $0.249 to $0.253 today as the cryptocurrency is trading hands at $2.53 at the time of writing. The DOGE/USD pair shows a gain of 3.7 percent over the last 24 hours, and if observed over the course of the past seven days, the gain in value amounts to more than 8.5 percent.

Traders are keenly participating in Dogecoin trading as the trading volume shows an increase of 106 percent, which is a big number for the trading volume. This has also helped the coin to improve the market cap by 3.7 percent over the last 24 hours.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility is mild, but the Bollinger bands show slight divergence indicating an increase in volatility for the coming time, as the upper band is present at the $0.258 mark, which represents resistance for DOGE/USD, and the lower band is present at the $0.224 mark, the average of the indicator is forming at the $0.241 mark representing support for the DOGE.

The relative strength index (RSI) is on an upwards curve in the upper half of the neutral zone, indicating more buying in the last hours.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows the price function was downwards for the first 8 hours, but then a sudden spike in price was observed, and the DOGE price went as high as $0.264. The spike was very steep and unpredictable, but as we mentioned above, the resistance level is at $0.262, so selling pressure was obvious at this level, and soon DOGE price function was oscillating back. The bears have brought down the price to the current price level of $0.254, and further downside may also follow.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 2
DOGE/USD 4-hour price chart. Source: Tradingview

The RSI has come down to index 55 after jumping up steeply. The RSI shows an almost equally sharp decline as it showed the steep jump. The indicator suggests the reversal of bullish efforts. The volatility has also settled down after increasing at a massive rate for the past four hours.

Dogecoin price analysis: Conclusion

The Dogecoin price analysis is overall on the bullish side, as most of the technical indicators show bullish signs, and a sharp increment in price was also observed recently, followed by the same sharp price fall. However, circumstances are still favorable for DOGE as the bullish trend is still in a healthy state, and the price will increase further in the coming days, but currently, DOGE is falling like a rock and may retest the support at $0.248.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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