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Dogecoin price analysis: DOGE breaks above $0.145 as bullish momentum reignites

Dogecoin price analysis DOGE breaks above as bullish momentum reignites

TL;DR Breakdown

  • Dogecoin price analysis shows bullish momentum.
  • The bulls have taken the price levels up to $0.148.
  • Support for DOGE is present at $0.145.

The Dogecoin price analysis is dictating an increase in price after a stable bullish trend. A high price spike was observed on 5th April, when the price levels jumped to $0.173. There has been a definite response from the bears as a strong correction was also observed the very next day when bears plunged the price down to $0.142. However, the coin has gained some bullish momentum again, and the trend is bullish for today as well as the price has reached up to $0.148. Further, improvement is also expected as bulls showed good momentum at the start of the trading session.

DOGE/USD 1-day price chart: Green candlesticks sail past the ongoing Bearish progression

The 1-day price chart for Dogecoin price analysis shows the cryptocurrency value is going towards the bullish side today. There has been a huge momentum built from the side of Bulls in the last week, after which almost equal efforts of bears were also spotted. Yet, today’s trend shows further recovery above $0.145, which is even above the Mean Average (MA) level, i.e., $0.148; this is a hopeful sign for the buyers and has brought the balance of power again into the bullish hands.

Dogecoin price analysis: DOGE breaks above $0.145 as bullish momentum reignites 1
DOGE/USD 1-day price chart. Source: TradingView

Although the volatility is decreasing, which is giving an opposite signal, the upper Bollinger band is present at $0.161, representing resistance, while the lower band is at $0.122, representing the support for DOGE, respectively. As during the previous week, DOGE has seen tremendous recovery for bulls. The Relative Strength Index (RSI) score is going relatively higher and is 55 for today. The curve of the RSI indicator is also upwards, which hints at the buying activity in the market.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hours price chart shows a strong overtake from the bulls, which stopped the bears from going any further. The momentum has been relatively stronger, as the price has immediately increased to $0.148 after a significant rise. Still, the coin value is way above the moving average, which is going at $0.145 for the time being. If we talk about the Bollinger bands, then they are also showing an average value of $0.145 on the chart above the MA value.

Dogecoin price analysis: DOGE breaks above $0.145 as bullish momentum reignites 2
DOGE/USD 4-hours price chart. Source: TradingView

The trending line is going towards the positive side now, and the RSI score has also increased to index 53. The Bollinger bands are diverging again after forming a narrow channel previously. Hence the increase in volatility as the upper band reaches $0.151 while the lower band is present at $0.140.

Dogecoin price analysis conclusion

From the above Dogecoin price analysis, it can be observed that the bulls are taking the lead as a majority. More buyers are entering the market and increasing the current price levels, which have been safely maintained for the past few weeks. We expect DOGE to continue upside for the next 24 hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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