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Dogecoin price analysis: DOGE holds above $0.11 support after slowing down uptrend

Dogecoin Price analysis 2022 09 06

TL;DR Breakdown

  • Dogecoin price rose almost 4 percent over the past 24 hours
  • Price faces immediate resistance at $0.16
  • Trade over the next 24 hours could confirm liquidity to provide breakout

Dogecoin price analysis shows an encouraging 4 percent increment from trade over the past 24 hours. Price lowered down to $0.116 yesterday, before making a move up to $0.135 today to consolidate above the $0.11 support. Despite the positive momentum, it remains to be seen if Dogecoin market has adequate impetus to breach the $0.16 resistance. DOGE price saw a low of $0.05 on the weekly chart before swiftly bouncing back to $0.07. Having fallen then from a high of $0.15, DOGE has seen upward momentum slowed down. Price picked up around 4 percent today, with trading volume falling more than 35 percent to $2.42 billion.

The larger cryptocurrency market continued to strengthen following yesterday’s overall uptrend, as Bitcoin consolidated above the $21,000 mark with a 3 percent rise. Ethereum also recorded a 2 percent increment, while leading Altcoins strengthened along the same lines. Ripple jumped 3 percent to $0.50, whereas Cardano increased by 4 percent to $0.43. Meanwhile, Solana and Polkadot enjoyed a 12 and 5 percent increment, each, rising up to $36.78 and $7.13, respectively.

Screenshot 2022 11 05 at 6.20.23 PM
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

Dogecoin price analysis: MACD provides encouraging buy signal on daily chart

On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen trading slightly horizontally in response to the decline on November 2. Over the past 7 days, however, DOGE price trend has been strong as it initially moved to a high of $0.15 and recaptured $0.12 support. At the current trend, Dogecoin trades above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.117 that provides a positive relief sign on the daily timeframe after initial rejection.

DOGEUSDT 2022 11 05 18 23 49
Dogecoin price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) is settled in a severe overbought zone at 73.49 which would need to be corrected before an upward trend is to initiate. Trading volume over the past 24 hours reduced by 35 percent which suggests market inactivity over the current price action. Meanwhile, the moving average convergence divergence (MACD) curve provides a buy signal with a bullish northbound divergence that suggests buyers have an upper hand at trade over the current trend.

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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