Dogecoin price analysis remains strong with today’s price action, as price moved back above the $0.1 mark initially, before settling down to at $0.9976 at the time of writing. DOGE price has been in an uptrend since November 22, incurring a 43 percent increment to a high of $0.10. Over the past 24 hours, the meme cryptocurrency seems to be developing a golden cross signal on the daily chart, which shows the shorter 50-day moving average crossing the 200-day moving average. This is usually taken as a bullish sign, which would put DOGE on course for a high up to $0.3.
The larger cryptocurrency showed slight decrements across the board over the past 24 hours, as Bitcoin dropped below the $17,000 mark to sit at $16,900. Ethereum dropped 4 percent to $1,200, whereas leading Altcoins mimicked a similar trend. Ripple dropped 2 percent to $0.38, while Cardano settled around yesterday’s price at $0.31. Meanwhile, Solana dropped 3 percent to $13.28, and Polkadot 2 percent to $5.49.
Dogecoin price analysis: RSI begins to decline on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen developing a slight horizontal trend over the past 24-48 hours. Price can be seen keeping slightly above the crucial 50-day exponential moving average (EMA) at $0.096, whereas the 50-day moving average has moved above the 200-day moving average to form the golden cross. Over the past 24 hours, DOGE trading volume fell 17 percent coupled with a slight decrement in price, indicating market is staying on the fence for now.
The 24-hour relative strength index (RSI) can be seen stagnating around the overbought zone at 58. Meanwhile, the moving average convergence divergence (MACD) curve remains above its neutral zone to indicate a bullish divergence in place. At the current trend, support sits at $0.09 whereas the next resistance point is set to be met around the $0.13 mark.
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