Dogecoin price analysis: DOGE recovers at $0.08448 as bulls take charge

Dogecoin price analysis

TL;DR Breakdown

  • Dogecoin price analysis is bullish
  • Resistance for DOGE is found at $0.08637
  • Support is present at $0.08409

The most recent Dogecoin price analysis is dictating a rise in price as the bulls have returned to the price charts and the bullish momentum is gaining strength. Green candlesticks have reappeared on the price chart and the price has reached the $0.08448 level after a sudden upturn. The bearish momentum was at its peak in the past few days, but now the bulls have been able to bring the cryptocurrency out of the danger zone.

Most of the cryptocurrencies today show a mixed market sentiment, but Dogecoin is the exception as it shows an all-out bullish sentiment. The top coins are experiencing a slow and steady rise in price and Dogecoin is no different. The market cap of the cryptocurrency has risen up to $11 billion and the daily trading volume is at its peak at $363 million.

Dogecoin price analysis 1-day price chart: DOGE recovers back to $0.08448

The 1-day price chart for Dogecoin price analysis shows the coin traded in a range of $0.08409 to $0.08637, and no swing high or low above the said value has been observed. The DOGE/USD is trading hands at $0.08448 at the time of writing, as the crypto pair reports an increase in value of 0.45 percent over the last 24 hours.

image 453
DOGE/USD 1-day price chart. Source: TradingView

The SMA20 curve has been trading above the SMA50 curve, which is a huge bullish sign. The moving average convergence divergence or MACD also has a bullish crossover as the red MACD line has crossed above the blue MACD signal line. The Relative Strength Index or RSI is seen to be trading at 47.08, which indicates that the coin is neither overbought nor oversold and has been hovering around the neutral zone. The moving average is at a value of $0.0868 with a 50-MA trending above the 200-MA.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows the price function remained on recovery for the entire time since the start of the trading session. The market has formed higher highs and lows, which indicates that the bulls have taken charge. The Bullish pattern is seen to be prevailing in the market as the price action is currently trading just above the resistance level of $0.08409.

image 452
DOGE/USD 4-hour price chart. Source: TradingView

The candlesticks are currently trading above the moving averages, which is another bullish signal in favor of an uptrend. The RSI indicator for the Dogecoin price analysis is seen to be at 43.34 and has been fluctuating near the oversold zone since the start of the trading session. The MACD chart shows that the coin is in a bullish market as the red MACD line has crossed above the blue signal line.

Dogecoin price analysis conclusion

The Dogecoin price analysis for today shows that the market is currently in a bullish state as the price has been on a steady uptrend. The technical indicators are also in favor of an uptrend as the RSI and MACD show positive signs. The moving averages are also trending upwards, which indicates that the bulls are in complete control of the market. The bulls are aiming for a test of the resistance level at $0.08409, which if broken could lead to further gains in price.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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