Today’s Dogecoin price analysis shows a recovery from yesterday’s low of $0.07444 and an increase to a current high of $0.07886, giving it a 0.36 percent gain in the past 24 hours. Doge appears to have a bullish potential as it aims to break the resistance level of $0.07904 and establish a new high. The buying pressure is set to increase as the support level of $0.07444 holds strong and Doge remains within a bullish trend.
The support levels for DOGE are set at $0.07444, while the resistance levels are set at $0.07904 and any price movements above these levels could indicate further bullish sentiment in the market for Dogecoin. However, the buyers are currently holding the market and a further increase in buying pressure could give Doge an even stronger bullish potential.
Dogecoin price analysis daily chart: Doge face resistance at the $0.07900 level
According to the daily chart for Dogecoin price analysis, the bearishness of the past few days has been overshadowed by a market recovery. The price is currently at 0.07886 and appears to be heading toward a resistance level of $0.07904. If Doge manages to break this level, then it could signify further bullish potential in the market for the digital asset.
The technical indicators are also showing a bullish potential for Dogecoin, as the RSI indicator value stands at 44.27 indicating a return of buying pressure in the market. The Moving Average Convergence Divergence (MACD) indicator is still in the negative territory, but it is climbing since the red bars in the histogram are fading away and decreasing in size thus showing potential for more upside to come.
In addition, the exponential moving average (EMA) indicator is showing positive signs as the two lines start to move closer together. Additionally, the green candlesticks are indicating buyers are taking control of the market sentiments which could indicate a bullish trend for Dogecoin in the near future.
Dogecoin price analysis 4-hour chart: Latest developments
The hourly Dogecoin price analysis favors the buying side as well, as a strong rise in DOGE/USD value has been seen today. The price breakout was upward at the start of the day, and the coin formed a cup & handle pattern to break out. The coin has further managed to sustain above the $0.07444 level, which is a positive sign for DOGE/USD bulls.
The Relative Strength Index (RSI) indicator has changed its direction to the upside and is currently at 45.21 indicating a return of buying pressure in the market. The MACD indicator is also shifting from negative territory on the verge to cross to positive territory which could be a sign of more price appreciation for Dogecoin in the near future. Additionally, the Exponential Moving Average (EMA) indicator is also favoring the buyers and has turned green, suggesting further upward price movement in the coming days.
Dogecoin price analysis conclusion
In conclusion, Dogecoin appears to have a bullish potential in the short term as it has managed to break out of its previous bearish trend and is currently trading at $0.07886 with a gain of 0.36 percent in the past 24 hours. The technical indicators are also favoring buyers and show that there could be further price appreciation for Dogecoin in the coming days.
