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Dogecoin price analysis: DOGE coin rallies towards $0.08679 after an uptrend

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis shows a strong uptrend
  • Resistance for DOGE is present at $0.08099
  • Support for DOGE/USD is present at $0.08871

The latest Dogecoin price analysis reveals a strong bullish trend as it shows the cryptocurrency price function is headed steeply upward for today’s trading session.DOGE/USD is currently trading around $0.08679 and has been rallying since the morning hours of Saturday. The surge happened due to a chain reaction caused by Bitcoin’s sharp rise in price, which is currently trading at around $22,952 after hitting an all-time high of $22.991. Other cryptocurrencies such as Litecoin and Ethereum have also been following Bitcoin’s lead and experiencing a similar uptrend.

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Cryptocurrencies price heat map source: Coin360

Dogecoin price analysis 1-day price chart: Bulls Power towards $0.08679

Dogecoin price analysis shows a strong bullish trend on the daily chart as it is currently trading around $0.08679 with a market cap of over $11.52 billion. The last 24 hours have seen an uptrend in DOGE prices as investors continue to accumulate and bid up the asset’s value.  The bulls look promising as the price is heading towards a resistance level of $1.17, with a gain of over 7.06% in the last 24 hours.

image 434
DOGE/USD 1-day price chart. Source: TradingView

The bullish momentum is building up at a rather high pace, and the moving average (MA) value is at $0.0844 below the price level, complementing the bullish momentum, and it may cross above the SMA 50 curve if the bullish momentum continues for a few hours more. The volatility is increasing again as the Bollinger bands started to diverge yesterday, and as a result, the Bollinger bands’ values have changed to the following figures; the upper band is now at $0.0904 while the lower band is at $0.0672. The Relative Strength Index (RSI) has followed an upwards movement as well, and the score has finally reached index 57.03 in the upper half of the neutral zone indicating buying activity.

Dogecoin price analysis 4-hour price chart: Recent updates

The 4-hour Dogecoin price analysis shows that the price has improved today, and no signs of selling pressure have been observed yet. The highest increase in price has been observed during the last four hours as the price jumped to $0.08679 just now.

image 433
DOGE/USD 4-hour price chart. Source: TradingView

As the overall uptrend of today has been quite overwhelming, the price has maintained above the upper limit of the volatility indicator, while the moving average (MA) is at $0.0845. The Bollinger bands suggest high volatility for DOGE as its upper value has gone to $0.0882, and its lower value has moved down to $0.0780, indicating an increase in volatility for the crypto pair. The RSI is also going up on the 4-hour chart and is on an upwards slope, present at an index of 51.46 in the overbought region at the time of writing.

Dogecoin price analysis conclusion

From the given Dogecoin price analysis for one day and four hours, it can be inferred that the cryptocurrency is overall in a good position if compared to the past few days as the coin has gained good value since yesterday. DOGE/USD is expected to follow more upside in the coming hours, but some retracement is also expected as the RSI is quite high on the hourly chart.

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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