Dogecoin price analysis: DOGE/USD rises above $0.07831 as bullish momentum returns

Dogecoin price analysis reveals that the market is currently in an uptrend after a recent positive stream. Today’s market began trading at $0.07831 and exploded upward right away. At $0.07987, there is significant resistance for the market. If the bulls succeed in breaking past this barrier, we anticipate the price to rise in the near future. The Dogecoin price is currently in a breakout zone, and a move in either direction could set the scene for the next move. As a result, the bulls need to be cautious as a bearish move could invalidate the bullish trend and the 24-hour trading volume for DOGE/USD pair retrace to $260,850,064and the market capitalization is currently at $10,486,796,300.

Dogecoin price analysis on 1-day chart: DOGE/USD trades above $0.07831

The Dogecoin price analysis 24-hour chart shows a strong positive trend for today as the coin value has increased tremendously. The DOGE/USD pair has been pushing for the $0.07831 level in this move, which is the current trading level as of the time of this writing. Additionally, volatility is rising, which is positive news for bidders anticipating future price developments. The upper Bollinger bands is currently at $0.1119 and the lower ones are trading at $0.0767.

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

The relative strength index(RSI) is trading at 46.67 which indicates that the market is oversold. The 50 SMA is above the 200 SMA, placing the Moving average indicator in a positive area at the moment. On the 24-hour chart, the 50 SMA is currently at $0.0863, and the 200 SMA is at $0.0781.

DOGE/USD  4-hour price chart: Bulls in control of the market

The Dogecoin price analysis 4-hour price chart reveals that the cryptocurrency experienced a bullish strike and was able to surpass the $0.07 mark. The DOGEUSD pair has been aiming for the $0.07831 level in this move, which is the current trading level as of the time of this writing.

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

The relative strength index (RSI) of the DOGE is 29.64, so it is in a downtrend. Therefore DOGE has entered a bearish momentum on a 4-hour price chart. However, this suggests that DOGE’s price could drastically reverse in the next few days. Hence, traders must trade cautiously. The Moving average at $0.0783 is another good sign for the buyers. The Bollinger’s band’s upper limit is $0.0880, acting as the strongest resistance point for DOGE. The lower limit of Bollinger’s band is present at $0.0733, representing the strongest support point of DOGE.

Dogecoin price analysis conclusion

In conclusion, the Dogecoin price has risen above $0.07831 and the market is currently in a bullish position. As long as the bulls are in charge, we anticipate the market to rise more in the near future. The prices are anticipated to range between $0.078 levels in the short term, which means that the market is likely to continue in a sideways direction.

Disclaimer. The information provided is not trading advice. 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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