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Dogecoin price analysis: DOGE/USD reports a bullish rebound as the price retraces to $0.0727

DOGE

TL;DR Breakdown

  • Dogecoin price analysis shows a bullish trend
  • Resistance for DOGE is present at $0.07293
  • Support for DOGE/USD is present at $0.06977

Dogecoin price analysis shows that the DOGE/USD pair is bullish today and looks set to continue its upward trend as the price rises above the $0.0727 mark and has increased by over 4.18 percent for the past 24 hours. Technical indicators are pointing to a strong uptrend and the bullish momentum is expected to hold for the coming days. The resistance for DOGE  is currently at $0.07293 and if the price breaks above this level, we could see a further upwards move toward the $0.073 mark. However, the trading volume has increased and is now at $322 million suggesting that there might be some retracement before the bullish momentum can continue. On the other hand, if the price breaks below $0.06977 then we could see a further downward move toward the $0.068 mark. 

Dogecoin price analysis 1-day chart: DOGE trades above $0.072 Mark

looking at the daily price chart confirms an uptrend price movement for today, as the price has increased to $0.0727. The bulls are in full control of the market as the MACD and RSI are both in the overbought region, indicating strong bullish pressure. The MA50 is currently at 0.0710, and MA200 is at 0.0729, which indicates that the market is in a bullish mood.

image 67
DOGE/USD 1-day price chart, Source: TradingView

The moving average convergence and divergence( MACD) and relative strength index (RSI) indicators are both showing positive signals, suggesting that the price could continue to rise in the coming days. Moreover, the volume profile is also increasing, which suggests that the bulls are gaining more control of the market. 

DOGE/USD 4-hour price chart: Bullish momentum builds

The hourly Dogecoin price analysis shows that is also in favor of the bulls because the price had an upward break through the $0.07293 resistance level, and is currently trading near the $0.0727 mark. The moving average is also providing support to the bulls as it is currently trending above the price.

image 66
DOGE/USD 4-hour price chart, Source: TradingView

The MACD line is above the signal line indicating strong bullish momentum. The RSI score is now at 55.37, indicating that the market is neither overbought nor oversold The bulls seem to have complete control of the market at this point, and if they can maintain their strength, we can expect the DOGE price to continue its upward trend and break through the $0.07293 resistance level in the near future. 

Dogecoin price analysis conclusion

The overall sentiment for DOGE is still positive, and the coin is likely to maintain its bullish trajectory in the coming days and see further growth in the near future. The bullish trend line is currently supporting prices, and if the bulls can maintain control over the market, then it is likely that Dogecoin could experience more gains in the near term.

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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