Dogecoin price analysis: DOGE gains bullish dynamics at $0.0749

Dogecoin price analysis for December 22, 2022, shows the meme cryptocurrency following an increasing movement for the last 48 hours. The price rose from $0.0704 to $0.0750 on December 20, 2022. Dogecoin gained a positive movement today and significantly increased its value. Today the cryptocurrency continues a bearish movement and is at $0.0749 at the time of writing.

Dogecoin price today is $ 0.0749 with a 24-hour trading volume of $ 1.38B, a market cap of $ 9.93B, and a market dominance of 1.21%. The DOGE price increased by 2.39% in the last 24 hours. Dogecoin reached its highest price on May 8, 2021, when it was trading at its all-time high of $ 0.738595. The lowest price since its ATH was $ 0.049701 (cycle low). The highest DOGE price since the last cycle low was $ 0.156883 (cycle high). The Dogecoin price prediction sentiment is currently bearish.

DOGE/USD 1-day price analysis: Recent developments

Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering a closing movement, consequently tightening the market. This makes the price of the cryptocurrency less prone to experience volatile change on either extreme. As a result, the high price of the cryptocurrency stands at $0.0749, while the open price of the cryptocurrency is $0.0746. Conversely, the low price of DOGE is present at $0.0746, with a change of 0.41% and a close price of $0.0749.

The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move upwards toward the support band, attempting to reverse the current trend. As the volatility happens to close, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.

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DOGE/USD 1-day price chart Source: CoinCodex

Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 37, indicating an undervalued number for DOGE, falling under the lower neutral region. In addition, the RSI score appears to move upwards, indicating an increasing market and dominant buying activities, signifying an increment in the market.

Dogecoin price analysis for 7-days

Dogecoin price analysis shows the market to be following a downward movement, with its volatility decreasing. In addition, the market appears to be undergoing a closing movement, indicating future volatility bursts. This makes the DOGE price less prone to undergo change on either extreme in its current state. The high price for DOGE exists at $0.0773, while the open price of DOGE is present at $0.0760. Conversely, the low price for DOGE is at $0.0744, with a change of -1.38% and a close price of $0.0749.

Dogecoin appears to follow a bearish movement, with the DOGE/USD price crossing under the curve of the Moving Average. The downward movement indicates a declining market for the meme cryptocurrency. The price attempts to meet the support band soon. If they happen to meet, the market will break and reverse the market dynamic.

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DOGE/USD 7-day price chart Source: TradingView

The Relative Strength Index (RSI) score is 46, signifying the stability of the meme cryptocurrency. Dogecoin falls in the stable region following a declining movement. The decrease in the RSI score represents the dominance of the selling activities and the movement toward further declining dynamics.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals the cryptocurrency following a declining movement, showing potential towards the negative extreme. However, the market shows colossal potential for a reversal in the coming days due to the price moving toward the support. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.

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