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Dogecoin price analysis: Bulls rallies towards $0.0839 after a swift revival

Dogecoin Price analysis

TL;DR Breakdown

  • The Dogecoin price analysis is bullish
  • Resistance for DOGE is found at the $0.08494 level
  • Support for DOGE is present at the $0.08231 position

Dogecoin price analysis is showing bullish results for the day as the price has improved further once again. The price has increased up to $0.0839, continuing the uptrend that started a few hours ago. The short-term trending line is going upwards, which means that the bulls are in the leading position. However, selling pressure is also rising as the price has reached the resistance level of $0.08494.

The digital asset increased by 0.06% on the day. However, also bearish pressure is present, which makes the overall picture a bit confusing. A few hours before the bearish had pushed the price down, but the bulls are now in charge. The next important resistance level is at the $0.08697 mark, which could be a good target for the bulls. The support levels can be found at the $0.08063 level. In case the price continues to increase then the resistance levels of $0.08494 and $0.08697 are likely to be tested soon as well.

Dogecoin price analysis 1-day price chart: Bulls eyeing $0.0839

The 1-day Dogecoin price analysis chart is moving in a bullish direction today as well as DOGE continues to move upwards. The DOGE/USD price has now increased to the highest level of the week at $0.0839. The trading volume has decreased by 24.50%, which indicates that the bulls are holding the price above the $0.0839 level. Currently, the bulls are in control and they have managed to push the price up from the $0.08231 mark to the $0.0839 mark. The market cap of the crypto asset has increased to $11.23 billion indicating a higher demand for the digital asset.

image 348
DOGE/USD 1-day price chart. Source: TradingView

The technical indicators are on the neutral side, which means that the price could go up or down in the short term. The moving average convergence divergence (MACD) is also on the bullish side, which indicates that a further upward trend could be expected in the near future. The relative strength index (RSI) is at 52.64, which means that there is still room for more gains in the coming days. The moving average is trading at $0.0819, which is a strong indication of the bullish momentum in the market.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hours Dogecoin price analysis is showing bullish signs as the price has slightly increased to the $0.0839 level in the last four hours, despite the fact that the price breakout was downwards for the past few hours of the trading session and the decrease in price was significant. The price is now covering the lost ground and the bulls have managed to push the price up.

image 349
DOGE/USD 4-hour price chart. Source: TradingView

The technical indicators are also showing bullish signs as the MACD is currently on the rise with a positive slope, indicating that further upward momentum could be expected in the short term. The red line in the MACD is currently above the blue line and both of them are going upwards. The relative strength index (RSI) is also trading at 54.94, indicating a slight bullish bias in the market. The moving average is currently at the $0.0839 mark and the bulls are likely to continue pushing the price up in the near future.

Dogecoin price analysis conclusion

The 4-hours and the 1-day Dogecoin price analysis shows that the DOGE is struggling at the $0.0839 level at the moment as the price has reached a resistance level. However, the bullish trend still prevails as the price is trading in the green as of now. We expect DOGE will continue upside after correcting for a few hours.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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