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Dogecoin price analysis: Price retraces back to $0.081 after bullish revival

Dogecoin

TL;DR Breakdown

  • Dogecoin value is standing at $0.081
  • Dogecoin price analysis predicts an uptrend
  • Support is present at $0.07341 end

The most recent Dogecoin price analysis predicts a bullish trend for the cryptocurrency as a considerable rise in coin value was detected throughout the day. The price has leveled up to $0.081 due to the recent bullish drift. Although the bears were overpowering the market earlier, currently, the situation is going in favor of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum gets stronger.

The current market capitalization for Dogecoin is at $10 Billion with a CoinMarketCap ranking of #9. The DOGE/USD pair has reached a 24-hour trading volume of $605,789,126 and a circulating supply of a whooping 132,670,764,300 DOGE coins.

DOGE/USD 1-day price chart: Bulls resume to action after overcoming $0.077 hurdle

The one-day Dogecoin price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price covered an increasing movement in the past 24 hours. More profit seems to be on its way for Dogecoin buyers as the price just reached the $0.08 level. Further chances of revival seem close as the buyers persistently put in efforts. Moreover, the daily price chart’s moving average (MA) value is at $0.082.

image 378
DOGE/USD 1-day price chart, Source: TradingView

The RSI score on the other hand is moving toward the neutral zone after a long stay on the downside. The score is currently 45.95. The Moving Average Convergence Divergence indicator shows a change in momentum to the bull’s side as the signal line (red) is now above the MACD line (blue). The price is however trading below the histogram.

DOGE/USD 4-hour price: Recent updates

The 4-hour 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 $0.081 after a significant rise. Still, the coin value is way above the moving average, which is going at $0.077 for the time being. If we talk about the RSI score, it is currently at the 55.64 level. This shows a great movement by the bulls towards the overbought region.

image 377
DOGE/USD 4-hour price chart, Source: TradingView

On the other hand, the MACD indicator shows that the price is currently trading over the histogram and this proves a strong bullish sentiment. The MACD line (blue) is currently above the signal line (red).

Dogecoin price analysis conclusion

The given one-day and four-hour Dogecoin price analysis predicts an increasing trend for the day as the coin value heightened up to $0.081. The bears were dominating, but now the bulls seem to be taking control of the price trends. The market shows constantly increasing characteristics, which means the bullish movement will be conserved 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

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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