- Dogecoin flipped its simple moving average to bullish as price upped almost 4 percent
- Trading volume also increased 12 percent
- Price expected to race past $0.24 and generate pressure towards $0.30
Dogecoin price analysis shows a shift in trend for the meme token, as price rose more than 4 percent on intra-day trade to settle above $0.23. Trading volume also increased more than 12 percent to consolidate appearance of an upturn on the day trade, following a bearish setup that drew price as low as $0.21. Currently, DOGE trades above the 20-day simple moving average (SMA) and a move above the 50-day SMA at $0.234 could push price as high as $0.26 over the coming trading sessions.
The larger cryptocurrency market continued to propel, let by Bitcoin’s sustenance above $57,000 with a move towards $60,000 on the cards. Ethereum made a significant increase up to $3,800 with a 9 percent rise, whereas Altcoins also showed positive movements. Polkatdot upped a massive 8 percent to rise up to $39.88. Cardano and Solana rose around 3 percent each to sit at $2.18 and $150.49, respectively, while Litecoin rose more than 4 percent to settle above $181.
DOGE/USD 24-hour chart: Bullish Hammer pattern emerges as price trend shifts
On the 24-hour chart for Dogecoin, price can be seen changing its course with a Bullish Hammer pattern. Price dipped as low as $0.216 on Tuesday when sellers came into the market and initiated the reversal. Since then, price has upped more than 11 percent to move beyond the 20-day SMA. The Relative Strength Index (RSI) value of 50 suggests there is still room for more buying momentum, while the Moving Average Convergence Divergence (MACD) curve sits just above the neutral zone, at the 0.00 mark. Over the next few trading sessions, price is expected to break up to $0.24 and consolidate there.
DOGE/USD 4-hour chart: Crucial trading sessions ahead to determine extent of breakout
On the 4-hour chart for Dogecoin price analysis price can be seen facing a slight correction after an initial rise that took price up to $0.24. Price sits just above the 20-day SMA with an RSI value of 52, showing strong signs for the upturn to continue. The MACD line sits well above the neutral zone which suggests that the current trend could continue to test resistance at $0.26. However, the next few trading sessions would prove to be crucial in determining the extent of the revival.
Dogecoin price analysis: Conclusion
Dogecoin is currently setting up the newfound trend at $0.234, but needs to exert more pressure on the $0.26 resistance to force a considerable breakout. A decisive close above the $0.248 mark over the next few trading sessions would take DOGE past its 5-day SMA and highlight the breakout. However, if the coin loses consolidation and goes below $0.232, a double bottom pattern would appear and propel price further downward.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com 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.