Dogecoin price analysis is bullish today as the coin continued upside above yesterday’s $0.09154 price cap. DOGE/USD bulls remain in control of the market as the price action keeps pushing towards the resistance area at $0.09489, where a breakout might push DOGE to a new all-time high level of $0.1 or above.
The buying pressure of Dogecoin is also increasing, as traders are continuously entering long positions and taking advantage of the bullish momentum. The market capitalization currently stands at approximately $12 billion and the 24-hour trade volume is around $690 billion. The daily trading volume has significantly increased by 9.47% in the last 24 hours.
DOGE/USD 1-day price chart: Dogecoin price reaches $0.09418 as bulls gain 2.93 percent
The 1-day price chart for Dogecoin price analysis shows an increase in price. The DOGE/USD is trading hands at $0.09418 at the time of writing. The crypto pair gained a value of 2.93 percent during the last 24 hours and has gained a value of 6.57 percent over the course of the last seven days. This indicates a strong bullish sentiment in the market. The bearish pressure that was seen in the past week has now been replaced by bullish action.
Dogecoin’s current technical indicator readings suggest that bulls are in control of the market, as the MACD line is trading above the signal line, and the 100 EMA line is above the 200 EMA line. The RSI of Dogecoin is currently at 60.86, indicating that the market is in the overbought region.
Dogecoin price analysis: Uptrend remains intact as bulls target $0.09489
The 4-hour Dogecoin price analysis shows the price function has been headed upwards from the last 4 hours, following a downtrend on previous days. The support level is currently at $0.09154, which was breached but has since been reclaimed. The resistance level is at $0.09489, where a price breakout may take place.
The EMA ribbon on the hourly price chart is also suggesting a strong bullish momentum in the market. The EMA ribbon has been green since morning and there is currently no sign of bearish pressure. The 9-EMA and 12-EMA are trading above the 26-EMA, and this indicates an uptrend in the market. The MACD line is also above the signal line, indicating a strong bullish trend. The RSI index is currently at 53.75 and is indicating a neutral market.
Dogecoin price analysis conclusion
Overall, the Dogecoin price analysis looks bullish in the short term as the bulls dominate the market, despite some temporary pullbacks. The DOGE price is already in the higher price envelope, and bulls have been progressing for the last 24 hours, so a small correction may follow in the coming hours, but overall the trend is expected to remain upwards.