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Dogecoin price analysis: DOGE price soars in latest uptrend following $0.049 drop

Dogecoin price analysis
TL;DR Breakdown
  • Dogecoin price analysis shows a fresh uptrend following yesterday’s low
  • Price rose more than 8 percent fuelled by backing from Elon Musk’s tweet
  • DOGE could breakthrough $0.063 resistance

Dogecoin price analysis shows price on the up once again after touching the lowest point in a year at $0.049. DOGE price has been struggling to consolidate meaningful momentum since the start of June 2022, with price initially stuck horizontally around the $0.081 mark, before declining down to the current resistance at $0.063. However, over the past 24 hours, the meme cryptocurrency showed a swift uptrend to rise back up to $0.590. This movement was backed primarily by Elon Musk’s tweet regarding Dogecoin where the entrepreneur affirmed his backing for the token. If the current trend picks up pace, DOGE is likely to surpass resistance at $0.063 over the next 24 hours.

The larger cryptocurrency market showed positive returns once again over the past 24 hours, as Bitcoin rose 7 percent in pursuit of the $20,000 mark. Ethereum rose above $1,000 once again, gaining over 13 percent. Among leading Altcoins, Ripple rose up to $0.32 with an 8 percent increment while Cardano upped 4 percent to sit at $0.46, whereas Litecoin recorded the highest increment across the market over 24 hours, adding 21 percent to reach $53.70. Similarly, Solana and Polkadot rose up to $32.39 and $7.28, respectively.

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Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: DOGE market valuation soars on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen making significant inroad towards resistance at $0.063. DOGE price has been quick to pick up after yesterday’s decline that took price to the lowest point in more than a year with bulls in charge at current trend around $0.060. The market valuation for DOGE can be seen soaring back up with the 24-hour relative strength index (RSI) rising at 38.27. Trading volume for Dogecoin was also recorded to be up by 135 percent over the past 24 hours, predominantly since Elon Musk’s tweet.

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Dogecoin price analysis: 24-hour chart. Source: Trading View

Price now sits on the cusp of the 50-day exponential moving average (EMA) and will most definitely breach past it to move up to resistance at $0.063. Short-term traders may look to take out profits at around $0.071 mark if the current trend extends. The moving average convergence divergence (MACD) curve also shows formation of higher highs with a bullish divergence looks to be on the cards over the coming trading sessions.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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