Dogecoin price analysis is giving us strong bullish signals for the day. The bullish tide has been very strong as the price levels are rising at a frequent and regular rate. The DOGE is trading at $0.08253, up by 0.55 percent in the last 24 hours. Dogecoin has been trading in a range between $0.08250 and $0.08255 for the past few weeks, and with the recent bullish spike, we expect it to break the resistance level and continue its uptrend toward the next resistance at around $0.08253.
The bulls have gained strength as more investors and traders are looking to invest in Dogecoin due to its low price. The 24-hour trading volume has also increased significantly, indicating a strong demand for cryptocurrency. With its current momentum, Dogecoin could be headed for a new all-time high in the near future. Dogecoin has seen a sharp rise in price since the start of today, with its market cap surpassing $11.46 billion and has surged by over 0.89%.
Dogecoin price analysis 1-day chart: Bullish trend continues as long as the price is near $0.08253
The 1-day Dogecoin price analysis has formed a bullish flag pattern, which is a continuation pattern illustrating that the previous upward trend will continue. The DOGE/USD pair is likely to see further gains, with the next target being set at $0.08254. Resistance is expected at the $0.08383 level, followed by the $ 0.08253 mark. If these levels are breached, then Dogecoin could see further price gains and move toward $0.08255.
DOGE/USD 1-day price chart, Source: TradingView
The RSI is currently at 52.58, which indicates that the market is in a neutral zone and has not yet reached overbought or oversold levels. The MACD also shows a bullish crossover, which suggests that the price is likely to continue its uptrend. The Bollinger Bands are also expanding, indicating a highly volatile market. The upper band is currently at $0.0943, while the lower band is at around $0.0665, indicating strong buying pressure.
DOGE/USD 4-hour price chart: Bullish pressure results in a higher price near $0.08253
Looking at the 4-hour chart for Dogecoin price analysis, the pair is currently trading above the 200-MA, which suggests that the bulls are in control. The DOGE/USD pair has also formed a bullish trendline, which suggests that the uptrend will continue in the future. However, a potential downtrend is imminent if the price breaks below the support levels. Moreover, a break above $0.08383 could signify a further rise in prices for DOGE.
DOGE/USD 4-hour price chart, Source: TradingView
The technical indicators on the 4-hour chart also indicate a bullish trend. The relative strength index (RSI) is currently at 44.61, indicating that the market has not yet reached overbought levels. The moving average convergence and divergence (MACD) have formed a bullish crossover, which suggests that the bulls are in control. Moreover, the Bollinger Bands are widening, indicating that volatility is likely to increase in the near future.
Dogecoin price analysis conclusion
To conclude, the Dogecoin price analysis shows a firm uptrend and strong buying pressure, which sets it up to break out of the $0.08383 resistance level and continue its journey higher in the near future. The key support levels are at $0.08176 and $0.08178, and the key resistance levels are at $0.08383 and $0.08385, respectively. On the downside, a minor pullback could be expected at some point if the profit-taking traders step in.
