Dogecoin price analysis is bullish for today. Bulls have brought up the price to the $0.07657 level, maintaining the bullish trend prevailing for the past 24 hours. Bulls flourished during the last few days as the price increased, and the bearish trend came to a halt. However, currently, the bulls are trying to gain momentum in the market and break through resistance at $0.07814.
DOGE/USD 1-day price chart: Bullish momentum continues as DOGE targets resistance level
The 1-day price chart for Dogecoin price analysis shows bulls are taking the price up and seem successful in their attempts. Price is increasing gradually as bulls continue their lead. The DOGE/USD pair traded between the range of $0.07587-$0.07814 today and is trading hands at $0.07657 at the time of writing, reporting an increase of 0.53 percent in the coin’s value during the last 24 hours. The trading volume has also increased to $363 billion, with the market cap at $10.16 billion.
The volatility for DOGE is comparatively high, as the Bollinger bands ends are maintaining the distance with their average line below the price level, which shows support for ADA price at $0.07587. The Relative strength index (RSI) is near the center of the neutral zone at index 41.29, indicating the buying activity, and the moving average (MA) is at the $0.0737mark below the SMA 50 curve.
Dogecoin price analysis 4-hour chart: Ascending channel formation shows support at $0.07587
The 4-hour price chart for Dogecoin price analysis shows price has been increasing every hour since the start of today’s trading session, as bulls are not sparing any chance. The price action has been upward during the last four hours also as the price has reached $0.07657 near the upper limit of the Bollinger bands.
The volatility is high as the Bollinger bands continue to expand on the 4-hour chart with the upper Bollinger band at $0.0796 and the lower band at $0.0719, the mean average of Bollinger bands is forming at $0.0757 below the SMA 20, and the moving average (MA) is trading below the price level in hourly charts at $0.0719. The RSI is hovering at index 64.20, indicating the bulls are in control of the market.
Dogecoin price analysis conclusion
The daily basis and hourly Dogecoin price analysis and technical indications suggest a bullish momentum is on the go, but some correction might also take place as the market is nearing the resistance level at $0.07814. The support for the coin on the 4-hour chart stands at $0.07587and the traders should wait for the price to break out of the resistance before entering a long position.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-01-11/