Dogecoin’s price analysis reveals an upward trend in the past 24 hours, as the cryptocurrency successfully surpassed the resistance at $0.08188. Currently, the price hovers around $0.08181, indicating that the bulls have maintained their momentum and are striving to drive the price even higher.
In recent days, the market sentiment has been bearish, with Dogecoin’s price remaining within a narrow range of $0.07765 to $0.0800. The selling pressure was intense, and the bears managed to prevent a price rally. However, the bulls seized this opportunity and broke above the $0.0800 level.
The analysis of Dogecoin’s price chart for the past day shows a strong rally by the bulls, following a recovery from the lower range that had persisted for several days. At the time of writing, the coin is trading at $0.08181, marking a 3.82% increase in the past 24 hours. However, over the last 7 days, DOGE has experienced a 7.61% decrease. The current market capitalization of Dogecoin stands at $11.36 billion, with a 24-hour trading volume of $369 billion.
The volatility of Dogecoin is increasing, as evidenced by the Bollinger bands, which show a significant divergence. The DOGE price has bounced back above the lower limit of the band. The upper band is situated at $0.0935, while the lower band is at $0.0756, indicating a slightly bullish trend in the short term. The relative strength index (RSI) stands at 49.56, suggesting that Dogecoin is currently in a balanced state in terms of market movements. The moving average (MA) also indicates a bullish trend, with the MA50 line at $0.07939 and the MA200 line at $0.08532.
Analyzing Dogecoin’s price resistance level at $0.08188, it becomes evident that this could be a critical point for the bulls. The 4-hour price analysis shows a downward breakout earlier in the day, but the correction was minimal, and the bulls quickly regained control, pushing the price levels higher. The price action has been observed to be consistently rising over the past hour, currently reaching $0.08181.
The moving average indicator suggests a potential bullish market, with a value of $0.0797 just below the current price. The volatility remains high, as indicated by the Bollinger bands covering a wider area. The price is trading near the upper limit of the Bollinger band at $0.0815, while the lower band is at $0.0769, indicating a slightly bullish trend in the short term. The RSI stands at 60.70, further supporting the notion that bulls are gaining control and could potentially drive the DOGE price higher in the coming days.
In conclusion, the current analysis of Dogecoin’s price indicates a dominant bullish momentum. If this bullish support continues, it is highly likely that the price will break above the critical resistance level of $0.08188, which could serve as a crucial turning point for the bulls in their quest to push the price higher.
