The Dogecoin price is bullish today after the price broke the $0.0807 barrier and rose to $0.08076 over the past 24 hours. The price levels had been trending downward yesterday, but the momentum has reversed, and traders seem bullish on the upcoming market movements. The price of Dogecoin is currently at $0.08076, having gained nearly 0.90% in the past 24 hours. This is a good sign for the bulls, as the digital currency has been trading in a bearish trend since the beginning of yesterday.
The 24-hour trading volume has declined by over 20.57 percent and is now $262 million, while the market cap for the DOGE/USD pair is $11.23 billion. The Dogecoin price could be due to the increased demand in the market as more institutional investors have started to show interest in cryptocurrencies.
Dogecoin price analysis 1-day chart: DOGE spikes above 0.08076 after bullish signal
The 1-day Dogecoin price analysis indicates an uptrend, with the DOGE price moving up from $0.0800 to the current price of $0.08076. Despite the current bearish trend in the market, which was experienced earlier today, bulls are optimistic as DOGE is showing signs of recovery. The DOGE/USD pair has also formed a bullish trendline, which suggests that the uptrend will continue in the future.
The Relative Strength Index (RSI) index has also improved and has successfully attained a value of 46.84. The Bollinger Band’s upper limit is at $0.0937, while the lower limit is at $0.0745, with a middle line at $0.0841. The DOGE/USD price appears to be crossing over the curve of the moving average, signifying a bullish trend. Furthermore, the DOGE/USD price path is moving upwards, attempting to cross the resistance, indicating bullish potential and reversal opportunities.
DOGE/USD 4-hour price chart: Bulls still in control of the market
The 4-hour Dogecoin price analysis shows a strong uptrend for the last 24 hours. DOGE remains bullish as long as the digital asset holds above support at 0.07942. On the other hand, failure to hold the above support will weaken the structure and open a re-test of 0.8060, our key support level on the weekly timeframe. The volatility is increasing continuously, with the Bollinger bands keeping their average at $0.0802, whereas their upper value is present at $0.0823 and the lower value at $0.0781.
The 50-day and 200-day moving averages, which depict a long-term trend for the asset, are also trending upwards. An exponential moving average at $6.43 is also positive; however, traders are advised to remain cautious in case of a correction in the near term. The relative strength index (RSI) is currently at 52.24, indicating a bullish trend, and the market is in a neutral zone.
Dogecoin price analysis conclusion
Overall, Dogecoin appears to be following an uptrend and could be ready for a new wave of momentum if the current conditions are maintained. Dogecoin price analysis predicts that the cryptocurrency has been recovering today as the bulls have elevated the price levels after a continuous decrease. The day has seen a strong comeback from the bullish side, as the bulls have once again increased the price to $0.08076.
