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Dogecoin price analysis: DOGE increases its value to $0.0726

Dogecoin price analysis: DOGE increases its value to $0.0726

TL;DR Breakdown

  • Dogecoin price analysis is bearish today.
  • The strongest resistance is present at $0.1142.
  • The strongest support is present at $0.0674.

Dogecoin price analysis for January 5, 2023, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from $0.0720 to $0.0749 on January 4, 2023. Dogecoin gained a negative movement today and significantly decreased its value. Today the cryptocurrency continues a bearish movement and is at $0.0726 at the time of writing.

Dogecoin price today is $0.072618 with a 24-hour trading volume of $1.15B, a market cap of $9.63B, and a market dominance of 1.15%. The DOGE price increased by 0.54% in the last 24 hours. Dogecoin reached its highest price on May 8, 2021, when it was trading at its all-time high of $0.738595, while Dogecoin’s lowest price was recorded on May 7, 2015, when it was trading at its all-time low of $0.00008547. The lowest price since it’s ATH was $0.049701 (cycle low). The highest DOGE price since the last cycle low was $0.156883 (cycle high). The Dogecoin price prediction sentiment is currently bearish, while the Fear & Greed Index is showing 29 (Fear).

DOGE/USD 1-day price analysis: Recent developments

Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering a closing movement, consequently tightening the market. This makes the price of the cryptocurrency less prone to experience volatile change on either extreme. As a result, the high price of the cryptocurrency stands at $0.0726, while the open price of the cryptocurrency is $0.0723. Conversely, the low price of DOGE is present at $0.0723, with a change of 0.42% and a close price of $0.0725.

The DOGE/USD appears to cross over the curve of the Moving Average, indicating a bullish movement. The price seems to move upwards toward the resistance band, attempting to reverse the current trend. As the volatility happens to close, 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 91
DOGE/USD 1-day price chart Source: CoinCodex

Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 41, indicating a stable number for DOGE, falling in the stable region. In addition, the RSI score appears to move linearly, indicating a stable market and equal buying and selling activities, signifying stability in the market.

Dogecoin price analysis for 7-days

Dogecoin price analysis shows the market to be following a downward movement, with its volatility increasing. In addition, the market appears to be undergoing an opening movement, indicating future volatility bursts. This makes the DOGE price more prone to undergo change on either extreme in its current state. The high price for DOGE exists at $0.0734, while the open price of DOGE is present at $0.0734. Conversely, the low price for DOGE is at $0.0723, with a change of 0.66% and a close price of $0.0726.

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 support band soon. If they happen to meet, the market will break and reverse the market dynamic.

image 92
DOGE/USD 7-day price chart Source: CoinCodex

The Relative Strength Index (RSI) score is 45, signifying the stability of the meme cryptocurrency. Dogecoin falls in the stable region following an upward movement. The increase in the RSI score represents the dominance of the buying activities and the movement toward further increasing dynamics.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals the cryptocurrency following an increasing movement, showing potential towards the positive extreme. However, the market shows colossal potential for a reversal in the coming days due to the price moving toward the resistance. 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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