Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike

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TL;DR Breakdown

  • Dogecoin price analysis is bullish today
  • DOGE/USD is facing resistance at $0.09314
  • Support for DOGE/USD is present at $0.08913

Dogecoin price analysis for February 8, 2023, shows a bullish trend with a strong trend line and is trading above $0.08971 and has surged up by over 1.23% with a strong support level at $0.08913, indicating that investors are confident in the future of the cryptocurrency. Over the past month, Dogecoin prices have steadily increased from $0.08967 to $0.08971, and analysts are predicting further gains in the near future. Resistance for the DOGE/USD pair is currently seen at $0.09314, and if it is breached, the price could reach as high as $0.09 in the coming weeks. Technical indicators are showing that the bulls are in control of the market, with strong buying pressure pushing prices to new highs.

Dogecoin price analysis 1-day

The one-day Dogecoin price analysis also shows that the bulls are in control and strong buying pressure is seen at higher levels. Dogecoin has formed a bullish flag pattern on the daily chart, indicating that buyers are in control and that prices could soon break above $0.08971 and test the resistance of $0.09314. The DOGE/USD price has formed an ascending triangle on the 1-hour chart, indicating that buyers are in control and could push prices to break above the $0.09314 resistance level soon.

image 138
DOGE/USD 1-day price chart, Source: TradingView

The MACD indicator is also showing a bullish crossover, indicating more price gains ahead and strong buying pressure. The RSI is currently in the overbought area, suggesting that there could be some profit-taking in the near term. The Bollinger Band is also displaying a strong uptrend, indicating that the bulls are in control and prices could move higher. The upper limit of the Bollinger Band is $0.0964, and the lower limit is $0.0829.

DOGE/USD 4-hour price chart: Recent updates

In the 4-hour Dogecoin price analysis, we can see that bearish forces have taken control of the market, with prices falling below the $0.08914 support level. Although the bulls have been able to hold prices above the $0.09314 level, the bears seem to be in control and could push prices down toward $0.08971 in the near term. The DOGE/USD price shows that the price breakout was higher at the start of the trading session, but the price function swung downwards four hours earlier. The upper Bollinger band is now at $0.0934, whereas the lower Bollinger band is situated at the $0.0898 level. If the downfall continues, then soon the price will travel below the lower band. 

image 137
DOGE/USD 4-hour price chart, Source: TradingView

The relative strength index (RSI) score is going towards decline as well and is at a lower than average position of 46.16, quite near the undersold region. The Moving Average Convergence Divergence indicator (MACD) also has some red traces in the region, which indicates that the bears are slightly holding on to their position.

Dogecoin price analysis conclusion

In conclusion, the Dogecoin price analysis suggests that prices could remain bearish in the near term, with the potential for a break below $0.08971. Investors should be cautious and keep an eye on the key technical levels for any signs of a reversal. However, crypto’s long-term outlook remains bullish, and prices are expected to move higher in the medium to long 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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