Dogecoin price analysis reveals that the market is following an uptrend after a recent bullish stream. The market opened trading today at $0.5860 and immediately began to surge upwards. The market is facing strong resistance at the $0.05991 level. If the bulls can break through this level, we expect the price to continue rising toward the $0.060 and $0.062 resistance levels in the near term.
The most vital support is present at the $0.05862 level. If the bears push the price below this level, we expect it to decline toward the $0.05830 and $0.05800 levels in the short term. The Digital asset has increased by nearly 1.51% in the last 24 hours and is currently trading at $0.05986. The 24-hour trading volume is $178 million, and the market cap is $7.94 billion.
DOGE/USD 4-hour price chart: Bulls remain successful in crossing the $0.05991 resistance
The 4-hour chart for Dogecoin price analysis reveals that the market has formed a minor bullish trend line which is currently acting as a support for the market. Over the last four hours, the prices haven’t made any significant move. The bulls have upheld the prices well above the $0.059 level, and they are likely to push the prices higher in the near future. The Moving average line is currently above the candlesticks indicating that the market is in a bullish phase.
DOGE/USD 4-hour chart. Source: TradingView
The volatility is also increasing, which is an encouraging sign for buyers regarding the upcoming price trends. Similarly, the upper edge of the Bollinger bands indicator now rests at $0.05991, representing the resistance, while its lower edge settles at $0.05862, representing the strongest support. At the same time, the Bollinger bands indicator displays an average of $0.0590. The relative strength index (RSI) is on an upwards curve of index 47.07, hinting at the buying activity in the market.
Dogecoin price analysis 24-hour price analysis: Bullish momentum recovers price up to $0.05986
The 24-hour price Dogecoin price analysis shows that the market has been in an uptrend since opening trading today. The bull and bears have been seen battling for control over the market, but the bulls regained control and pushed the prices up to $0.05986, which is where it is currently trading. The price is still trading lower than its moving average (MA) value which is at the $0.05969 mark, and this indicates that the market has room for further growth in the near term.
DOGE/USD 24-hour chart. Source: TradingView
The RSI indicator is currently at the 48.17 level, which is a neutral zone, and this suggests that the market has neither overbought nor oversold conditions. The volatility is low as the Bollinger bands have narrowed, which is an indication of low price fluctuations. The upper value of the Bollinger bands indicator is now at $0.05979, while the lower value is at $0.05705 on 24-hour charts.
Dogecoin price analysis conclusion
To sum up our today’s Dogecoin price analysis, The market is currently in a bullish phase as the prices have surged above the $0.05991 level. We expect the market to continue rising in the near term as the bulls remain in control. The market is likely to remain in a sideways trend in the near term as the prices are expected to fluctuate between $0.058 and $0.059 levels.
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.
