The Dogecoin price analysis is predicting a bullish trend for today. A major improvement in price has been observed since the start of today’s session. The price underwent continuous devaluation during the past week, but from yesterday, the market started showing positive sentiment for DOGE/USD pair, and a bullish momentum started as buying activity increased, though very mild yesterday, the uptrend intensified today, and at least a notable change has happened in the price.
DOGE/USD pair successfully crossed the first resistance of $1.99 and is on a march towards the resistance of $0.209. Overall, DOGE/USD gained a value of a little less than two percent in the last 24 hours but is still on a decline of around nine percent if we observe the coin value over the span of the last seven days.
DOGE/USD 1-day price chart:
Recent bullish momentum surpasses the first resistance level
The 1-day price chart for Dogecoin price analysis shows the price levels have regained momentum, though in the lower price envelope if seen from a bird’s eye view, but still the present momentum is providing significant support to the cryptocurrency value. The DOGE/USD pair traded between the range of $0.197 to $0.204 today.
The volatility is increasing slowly for the cryptocurrency as the Bollinger bands ends are traveling apart, with the upper band being at the $0.25 mark and the lower band being at the $0.18 mark. The mean average line of the Bollinger bands is present still far above the price level at the $0.222 mark due to the downtrend of the previous days. The indicator’s expansion might bring some opportunities for DOGE/USD in the coming days.
The relative strength index (RSI) is comparatively on the lower side at 38 index, which is quite near the under bough zone, but the indicator’s movement is upwards, which is a hopeful sign, and there is quite a space for the buyers to exercise their abilities and take the price up.
The MACD indicator is still bearish; as can be seen, the histogram color is still red, but the shade is lighter. The small size of bars also indicates a decreasing bearish momentum. The indicator remained bearish throughout the month of September, as DOGE/USD observed mostly a downtrend except for the very first few days of the month.
The Dogecoin price analysis: Will bears intervene as price goes up
The 4-hour price chart for Dogecoin price analysis shows price is rising every hour as bulls are in the lead. The starting hours saw a sudden price spike, as price almost went as high as near the upper limit of the Bollinger bands, surpassing the moving average (MA) and the Bollinger bands average.
But as can be seen in the 4-hour chart, the selling pressure is quite high at the present price level, and bears might make a come back in the coming hours as the RSI has also started flattening out after entering the upper half of the neutral zone which indicates the selling pressure kicking in.
Most of the short-term moving averages and exponential moving averages don’t support the buying option for Doge/USD due to the bearish trend of the entire past month, except the Hull moving average. The oscillator indicators are mostly neutral with some inclination towards the buying option, as the Momentum oscillator favors the buying option.
Out of a total of 26 technical indicators available to us, only four supports the bullish side, and 14 technical indicators are in support of the bearish side, whereas eight technical indicators are neutral and show no sign.
Dogecoin price analysis: Conclusion
The given hourly and daily Dogecoin price analysis shows bullish price action with many bearish indications, as the price is moving in a very narrow channel, and we expect it to trade in the range of $0.192 to $0.202 in the next 24 hours. After today’s up move, it is expected that the price will come down again in the coming hours from the current price level.
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