Dogecoin price analysis: DOGEUSD set to break above the intraday highs

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish today.
  • DOGE/USD saw a higher local low set yesterday.
  • Bullish momentum returned overnight.

Dogecoin price analysis is bullish today. DOGE/USD saw a higher local low set yesterday. Bullish momentum returned overnight, with buyers pushing the price above the $0.0021 resistance. A breakout looks likely, with a move towards the $0.0025 level possible.

Dogecoin price analysis is bullish today as DOGE/USD spiked overnight. The market managed to break above the $0.0021 resistance and eyeing the $0.0025 level. Should bulls maintain control, a breakout looks likely, with a move towards the $0.003 level possible.

Dogecoin price movement in the last 24 hours: Dogecoin reverses

Th daily volatility shows the market reaching a high of 0.00236 before returning to 0.00217. The current price is around 0.00215, still above the Ichimoku cloud and with RSI at 47.

The bullish engulfing candle on the 4-hour chart preceded the move to higher highs and confirmed the presence of buyers. A break above the 0.0021 resistance could lead to more upside shortly.

DOGE/USD 4-hour chart: DOGE rejected for now 

On the 4-hour chart, the market has created a Doji candle, suggesting indecision in the market. If bulls cannot break above the 0.0021 resistance, we could see a move back to the downside. A break below the 0.002 level could take DOGE/USD down to 0.00175.

Dogecoin price analysis: DOGEUSD set to break above the intraday highs 1
DOGE/USD 4-hour chart. Source: TradingView

The Bollinger bands widen, suggesting that the market is becoming more volatile. The 20-day MA is also trending higher and could act as a support level in a selloff.

The MACD indicator shows a bullish divergence, with the MACD line crossing above the signal line. This could be an early indication of a reversal in trend.

Dogecoin price analysis is bullish today as DOGE/USD spiked overnight. The market managed to break above the $0.0021 resistance and is now eyeing the $0.0025 level. Should bulls maintain control, a breakout looks likely, with a move towards the $0.003 level possible.

The bullish engulfing candle on the 4-hour chart preceded the move to higher highs and confirmed the presence of buyers. A break above the 0.0021 resistance could lead to more upside.

After breaking past the $0.20 mark, DOGE/USD found support at an area of resistance formed just above it. The recent rebound from $0.14 previous resistance was short-lived, and DOGE/USD quickly dropped to the $0.135 level.

Since then, the Dogecoin price has fallen even lower. This indicates bearishness, as a lower high was set afterward. Yesterday, though, a higher low was established, suggesting market uncertainty. If more upside is expected later in the month, the Dogecoin price must break higher first.

Dogecoin price analysis: Conclusion 

The Dogecoin price is bearish today, as we saw a solid higher local low set the previous day, prompting another push higher so far. As a result, a greater break may be anticipated in the direction of the $0.154 previous major swing high.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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