- Dogecoin price is expected to rise above $0.600
- The closest support level lies at $0.500
- DOGE faces resistance at the $0.570 mark.
After climbing to the $0.70 mark, Dogecoin price failed to continue its bullish rally, and the price has seen a steady decline ever since. While due to recent bullish momentum, the buyers defend the price at just above the $0.55 mark, at press time, the bearish pressure prevents the price action from rising above the $0.60 mark.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major players include Ripple’s XRP and DOT that record a 5.33 and a 5.59 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 1.6 and a 4.42 percent hike.
Technical indicators for DOGE/USDT
Across the technical indicators, the MACD shows a declining bearish momentum as observed in the decreasing size of the light red histogram. The indicator did briefly dip into the bullish region on May 7th but has grown bearish again and oscillates around the -0.01 mark. Across the EMAs, the 12-EMA is trading below the 26-EMA with a decreasing slope and continues to converge while both EMAs fall.
The RSI is currently trading in the neutral zone a little below the 48.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past four days. At press time, the RSI has again had a small spike towards the overbought region suggesting the buyers are fighting back.
The Bollinger bands are currently wide and will expand in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Dogecoin price in the short term. However, as the price is consolidating below the bands’ mean line, the bands will be leaning downwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a weak sell signal with 9 of the total 26 major technical indicators suggesting their support for a bearish movement. On the other hand, only eight indicators issue buy signals suggesting bullish momentum. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis does not share this sentiment and issues a buy signal with 14 of the 26 indicators suggesting a bearish movement against only two indicators suggest a bullish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Dogecoin price?
Dogecoin price has recently established a foothold above the $0.500 mark, which will enable the price action to climb above the $0.600 mark. The market sentiment is still highly bullish, with most traders believing a $1.00 DOGE is inevitable. These include billionaire Mark Cuban, among many others. Currently, traders should expect Dogecoin price to move upwards towards the $0.600 mark.
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.