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Dogecoin price analysis: DOGE initiates positive movement towards $0.1500

DOGE

TL;DR Breakdown

  • Dogecoin price analysis appears to be bearish.
  • The strongest resistance is present at $0.1626.
  • The strongest support is present at $0.1355.

The Dogecoin price analysis reveals the market to enter a bearish movement showing massive room for reversal activity. DOGE/USD cost of the meme cryptocurrency had experienced a significant decreasing trend which has caused the value of Dogecoin to crash to $0.1480 on April 6, 2022, and continued a negative movement the next day.

On April 7, 2022, the cryptocurrency price has further crashed to $0.1411 but regained value and reached $0.1465. Dogecoin has been down 6.47% in the last 24 hours, with a trading volume of $2,758,425,893. DOGE currently trades at $0.1203 and ranks #12 with a live market cap of $19,384,389,882 at writing time.

DOGE/USD 4-hour price analysis: Recent updates

Dogecoin price analysis reveals the market’s volatility following a constant trend. With its volatility following a dormant movement, the value of the cryptocurrency is likely to remain consistent until volatility fluctuates. As a result, the DOGE/USD price has become invincible to change from either extreme. The upper limit of the Bollinger’s band is present at $0.1687, which represents the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1355, which serves as the strongest support for DOGE.

The DOGE/USD price appears to be crossing under the curve of the Moving Average, indicating bearish movement. However, tracing the path of the DOGE/USD price, we can also deduce that the price broke the resistance recently, followed by a significant decline, and now has begun following an upward approach. Therefore, the bulls might regain their advantage and raise the DOGE price as the price has started moving upwards.

Dogecoin price analysis: DOGE initiates positive movement towards $0.1500 1
DOGE/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is at 46, which means the assets are stable, falling into the lower neutral region. In addition, the RSI seems to follow a slightly upward path, indicating an increasing market along with movement towards stability. The rising RSI score indicates the dominant buying activity.

Dogecoin Price Analysis for 1-day: DOGE gains value

Dogecoin price analysis reveals the market’s volatility experiencing a slightly decreasing movement with the resistance and support band moving towards each other. As a result, the price of the meme cryptocurrency will proceed with volatility; for now, the DOGE price appears to be less susceptible to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.1626, which serves as the strongest resistance for DOGE. Conversely, the lower limit of the Bollinger’s band is present at $0.1143, 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. Today, the meme cryptocurrency has entered a solid bearish domain and shows signs of a declining market as the price moves downward.

Dogecoin price analysis: DOGE initiates positive movement towards $0.1500 2
DOGE/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is at 54, which shows that the value of the meme cryptocurrency is stable, falling in the upper neutral region. However, the RSI appears to be moving upward, which indicates an increasing market with dominant buying activity.

Dogecoin Price Analysis Conclusion

In conclusion, we deduce that the meme cryptocurrency has entered a bearish movement in the Dogecoin price analysis. Now the bears are rulers of the market but are not likely to maintain their rule. As a result, the price shows bullish opportunities for the future, and bulls are likely to come into action soon.

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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