Dogecoin price analysis shows a continued increment to follow up on the 12 percent weekly rise, as price settled over the $0.101 mark over the day’s trade. After continual rise since November 21, the meme cryptocurrency seems to have settled around the current price mark, and could be set for a minor correction over the coming 24 hours. Market capitalisation over the day’s trade rose closer to $13.5 billion, while trading volume dropped 5 percent to just above $700 million.
The larger cryptocurrency market showed greens across the board over the past 24 hours, led by Bitcoin’s upturn to move above $17,000. Ethereum moved up to $1,300 with a 2 percent increment, whereas leading Altcoins showed similar turnouts. Ripple also rose 2 percent to reach $0.39, similar to Cardano’s rise up to $0.32. Meanwhile, Solana settled around $13.62, and Polkadot rose 4 percent to $5.63.
Dogecoin price analysis: RSI approaches overbought zone on the daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen falling into a horizontal pattern after upping for consecutive trading sessions over the week. While support sits around $0.09, DOGE bulls will be expected to push above the current price of $0.101 up to the $0.18 resistance. The recent increment meant the DOGE price peaked past the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.098.
The 24-hour relative strength index (RSI) has moved up into the overbought zone just below the 60 mark and faces a sideways trend over the past 2 days. This could indicate a potential point of correction for Dogecoin price if bulls fail to hold above $0.09 support. Meanwhile, the moving average convergence divergence (MACD) curve shows a bullish divergence cotinuing to be in place above the neutral zone, to indicate the potential bullish momentum.
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