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Dogecoin price analysis: DOGE shows consistency at $0.0594

Dogecoin price analysis: DOGE shows consistency at $0.0594

Dogecoin price analysis for October 11, 2022, shows the meme cryptocurrency following a consistent movement for the last 48 hours. The price spiked from $0.0581 to $0.0606 on October 10, 2022. Dogecoin gained a negative movement today and significantly decreased its value. Today the cryptocurrency continues a bullish movement and is at $0.0594 at the time of writing.

Dogecoin has been down 1.98% in the last 24 hours with a trading volume of $302,586,207 and a live market cap of $7,962,066,968, and DOGE currently ranks at #10. However, the cryptocurrency shows potential for a reversal as the recent price analysis indicates the DOGE cost is moving toward the resistance.

DOGE/USD 4-hour price analysis: Recent developments

Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering an opening movement, consequently expanding the market. This makes the price of the cryptocurrency more prone to experience volatile change on either extreme. As a result, Bollinger’s band upper limit is present at $0.0634, representing the strongest resistance for DOGE. Conversely, the lower limit of Bollinger’s band is present at $0.0588, representing the strongest support for the meme cryptocurrency.

The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move upwards towards the MA curve, attempting to break it. As the volatility happens to open, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.

image 144
DOGE/USD 4-hour price chart Source: TradingView

Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 33, indicating a low value for DOGE, falling under the lower neutral region. In addition, the RSI score appears to move linearly, indicating a dormant market and equivalence of buying and selling activities signifying consistency in the market, the market has the opportunity to move to either extreme.

Dogecoin price analysis for 24 hours

Dogecoin price analysis shows the market to be following a constant movement, with its volatility on the down low. In addition, the market appears to be undergoing a squeezing movement, indicating future volatility bursts. This makes the DOGE price less prone to undergo change on either extreme. The upper limit of Bollinger’s band exists at $0.0652, serving as the strongest resistance of DOGE. Conversely, the lower limit of Bollinger’s band is at $0.0580, representing the strongest support for DOGE.

Dogecoin appears to follow a bearish movement, with the DOGE/USD price crossing under the curve of the Moving Average. The downward movement indicates a declining market for the meme cryptocurrency. The price attempts to meet the Moving Average soon. If they happen to meet, the market will break and reverse the market dynamic.

image 145
DOGE/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) score is 44, signifying the stability of the cryptocurrency. Dogecoin falls in the lower neutral region, following a linear movement. The consistency in the RSI score represents the equivalence of the buying and selling activity and movement toward stability.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals the cryptocurrency following a constant movement, showing potential towards either extreme. However, the market shows colossal potential for a reversal in the coming days. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.

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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