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Dogecoin price analysis: Price retraces back to $0.081 after bullish return

Dogecoin price analysis: Price retraces back to $0.081 after bullish return

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TL;DR

  • Dogecoin price analysis predicts uptrend.
  • Coin value has improved up to $0.081.
  • Support is present at $0.077 end.

Given the significant increase in coin value seen today, the most recent Dogecoin price analysis forecasts a bullish trend for the cryptocurrency. Due to the recent bullish drift, the price has steadied off at $0.081. Although previously the market was dominated by the bears, things are now in the buyers’ favour. If the purchasing momentum picks up, more gains in coin value are anticipated.

DOGE/USD 1-day price chart: Coin recovers slowly

The analysis of the Dogecoin price for one day indicates a bullish tendency. As the price covered an increasing movement over the previous 24 hours, the bulls have maintained dominance of the market all day. Given that the price of Dogecoin has just surpassed $0.081, purchasers should expect more profit soon. The buyers continue to make attempts, so it appears that there are more opportunities for revival. Additionally, the moving average (MA) number for the daily price chart is $0.085.

DOGE 1 4
DOGE/USD 1-day price chart. Source: TradingView

The Bollinger bands are gradually merging, signalling a drop in volatility and a higher likelihood of a rise over the coming days. The lower Bollinger band displays a value of $0.078 while the upper Bollinger band displays a value of $0.092. The current value of the Bollinger Bands average is $0.085. Last but not least, the latest price increase has caused the Relative Strength Index (RSI) score to rise to index 42.

Dogecoin price analysis: Recent developments and further technical indications

Given that coin value has increased over the last few hours, the hourly Dogecoin price analysis is in the buyers’ advantage. Since the cryptocurrency value increased to $0.081 over the previous eight hours, the bulls have made a triumphant comeback. Given that the bears were earlier making progress, this is rather encouraging news for the buyers. On the four-hour price chart, the Moving Average number is $0.082.

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

The SMA 20 curve has been trading below the SMA 50 curve ever since. Moving on, the extreme values of the upper and lower Bollinger bands values are put at $0.087 and $0.080, respectively. Although the RSI reading is still quite low, index 32 is where its upward-pointing curve is located due to the bullish comeback.

Dogecoin price analysis conclusion

Given one-day and four-hour Dogecoin price analysis, a rising tendency is expected for the day as the coin value increased to $0.081. The bulls appear to be taking charge of the price trends now that the bears are no longer in control at least at the moment.

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.

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Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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