The most recent Dogecoin price analysis suggests a bullish trend for today, as the coin has gained some traction after correcting down at the start of the trading session. The coin value has seen a significant increase, and DOGE is now moving upward due to positive momentum. Due to the recent positive trend, the price has now stabilized around $0.0844. If the buying momentum picks up, more strengthening of the current bullish wave is anticipated.
DOGE/USD 1-day price chart: Following a low point, DOGE rises
The one-day Dogecoin price analysis confirms a strong bullish trend for the day. Since the price recently broke through the $0.0839 resistance, the bulls have regained control of the market. Given that the price has just risen to a high of $0.0844, up more than 2.97 percent, further price growth is possible. The bullish move is positive and suggests that there are still opportunities for a revival. Additionally, the moving average (MA) value for the daily price chart is $0.0847.
The large expansion of the Bollinger bands, which indicates a rise in volatility, is mostly the result of the sharp price spike that occurred on April 3, 2023, followed by a significant correction that lasted for a few days. The strongest resistance is represented by the upper Bollinger band’s value of $0.0953, while the strongest support is shown by the lower Bollinger band’s value of $0.0684. At this time, the Bollinger Bands average is at the $0.0818 level. Last but not least, the current price increase has caused the Relative Strength Index (RSI) score to rise to index 54.
Dogecoin price analysis: Recent developments and further technical indications
The hourly Dogecoin price analysis is in favor of the bulls as well, as the coin, after correcting for a while, has rallied towards $0.0844. All of the recovery was accomplished over the past four hours as a result of the bulls’ effective comeback and DOGE’s continuation of its bullish trend. Given that the bears were applying pressure in the earlier hours, this is a pretty positive development for the purchasers. A further point to consider is the moving average value, which is $0.0828 on the four-hour price chart.
Yesterday, a crossover between the SMA 50 curve and the SMA 20 curve was seen, which is a bearish indicator. Moving on, the 4-hour chart’s Bollinger bands are still constricted, but if the purchasing impulse persists, they may begin to diverge. The Bollinger bands indicator’s upper value is fixed at $0.0858, while its lower value is fixed at $0.0813. The price is rallying from below the center line of the Bollinger bands towards the upper limit of the indicator. The RSI score has also come quite high because of the bullish wave and is present at index 54 due to the strong buying momentum, hinting at the buying activity.
Dogecoin price analysis conclusion
The provided one-day and four-hour Dogecoin price analysis indicates that the day will have a very strong positive trend, as the coin value increased to $0.844. The bulls are now in charge of the price action after the bears first dominated the day. In the upcoming hours, it’s also likely that the coin will surpass the $0.0853 local resistance.
