Dogecoin price analysis: DOGE price spikes to $0.07033 as the general market turns positive

Dogecoin price analysis
TL;DR Breakdown
  • Dogecoin price analysis shows a firm bullish trend
  • The key resistance level is $0.072
  • There is a price surge of 6.25 percent

Dogecoin price analysis reveals the market is positive in the last 24 hours. The prices opened the daily trading session in intraday at $0.0655 and hit the highest at $0.07033 after a surge of 6.25 percent. The market capitalization is at $9,313,730,385.44 and the 24-hour trading volume is recorded at $755,030,942.07. The intraday high was formed due to a sudden spike in buying pressure that took the prices from $0.065 to $0.07045 in a matter of minutes.

The market is currently facing stiff resistance at $0.072, which was previously support turned resistance. The prices are expected to retrace from the current levels and find support near $0.068 before resuming the uptrend. The bull run is expected to continue in the near term as the technical indicators are giving positive signs. The general market condition is positive as top coins like Bitcoin and Ethereum are also in the green.

image 299
Cryptocurrency heat map. Source: Coin360

DOGE/USD 1-day price action: Bulls in control

Dogecoin price analysis reveals that the market is in a bullish trend as the prices are trading above all the moving averages. The 20-day EMA ($0.0633) is providing support to the prices and they are expected to find immediate resistance near $0.072. The RSI indicator is well above 50 levels, which indicates that the bulls are in control of the market momentum. The MACD indicator is also giving positive signs as the prices are trading above the signal line.

image 297
DOGE/USD 24-hour chart. Source: TradingView

In the last 24 hours, the prices have surged by 6.25 percent as the market sentiment turned positive. The key resistance levels to watch out for are $0.072, $0.075, and $0.080. On the downside, the key support levels are located at $0.069, $0.068, and $0.066.

DOGE/USD price analysis on a 4-hour price chart: Recent developments and further technical indications

Dogecoin price analysis on the 4-hour price chart shows the market has made significant strides. The price is currently above the 200-day moving average ($0.064) and the 50-day moving average ($0.062).

The current market sentiment is characterized by high buying pressure as the MACD indicator is giving positive signs. The RSI indicator is also well above 50 levels and is currently near the overbought territory.

image 298
DOGE/USD 4-hour chart. Source: TradingView

The market volatility is currently high as the price change percentage is over 5 percent in the last 24 hours. A bull run is in play whereby a close above the $0.072 level would confirm a continuation of the uptrend. On the downside, if the prices retrace from the current levels and break below $0.069, it would signal a possible bearish trend in the market.

The market is expected to continue its bullish trend as the technical indicators are giving positive signs. The next target for the bulls would be $0.075 and $0.080 in the near term.

Dogecoin price analysis conclusion

Today’s Dogecoin price analysis shows the overall market sentiment for DOGE is bullish. The market is expected to resume its uptrend and target the $0.075 and $0.080 levels in the near term. However, the bull run might be short-lived despite the general market conditions being positive and a bearish trend might develop if the prices retrace and break below $0.069 in the near future.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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