Given that the coin value increased to $0.0751 for the day, the Dogecoin price analysis forecasts an upward trend. Up until March 27, 2023, the market was dominated by the bears, but now it appears that the bulls are in charge of price patterns. This is because today’s price breakout was upward, and the bulls stepped up their efforts later in the day. Today’s local resistance at $0.0749 has been effectively overcome by the price function, becoming support; the resistance at $0.0769 is the next objective for DOGE bulls.
DOGE/USD 1-day price chart: DOGE bulls continue to influence the price action
A strong bullish tendency for the day is confirmed by the one-day Dogecoin price analysis. Since yesterday, the bulls have taken control of the market once more, and over the past 24 hours, the price has moved higher as well. The price of DOGE/USD just hit a high of $0.0751 after rising by 2.82 percent in the previous 24 hours, and more gains appear to be feasible throughout the rest of the day. The price cap has risen by 2.87 percent, and the trading volume has increased by 53 percent.
Additionally, the moving average (MA) number of the daily price chart is $0.0749 due to a previous crossover between the SMA 20 and SMA 50. The Bollinger bands are merging, which means that the volatility of the DOGE price function is declining. The lower Bollinger band is showing a value of $0.0674, which acts as the price of DOGE’s strongest support, while the upper Bollinger band has been marginally readjusted to $0.0791. The Bollinger Bands average is $0.0732 less than the MA number at this time. Due to the recent price increase, the Relative Strength Index (RSI) score has just risen to index 49, which is located close to the neutral zone center line.
Dogecoin price analysis: Recent developments and further technical indications
The four-hour Dogecoin price analysis also shows a bullish trend, and as well as the DOGE/USD market value has increased considerably today. The bulls started the day with their yesterday’s lead, but they shot the price up after the first four hours of the trading session, which had a lasting effect on the coin’s price value, and as a result, selling pressure also built up in the market. The price is now settling down at $0.0751 after some correction, however, the trend is still bullish.
The volatility is high and continuing to increase on an hourly basis, as the four-hour chart predicts. The upper value of the Bollinger bands indicator is present at the hieght of $0.0765, whereas the lower band is present at the $0.0713 level. The RSI score is still quite high because of the bullish trend and is currently present at index of 53 in the neutral region. At the same time, the RSI curve is headed downward due to the selling activity that started in reaction to the strong bullish move.
Dogecoin price analysis: Conclusion
As the coin value increased to $0.0751, the one-day and four-hour Dogecoin price analysis indicate a bullish tendency for the day. The bulls are still in control, but the bears have also reappeared, adding to the selling pressure. The hourly price chart now also displays red candlesticks, indicating that the price has been covering a range lower for the past four hours. But today, we anticipate DOGE to finish in the greens.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-03-29/