The coin value has increased today after correcting during the previous trading session, according to the most recent Dogecoin price analysis, suggesting a strong positive trend for today. Since the recent bullish shift, there has been a significant increase in coin value over the last several hours, and as a result, the price has leveled out around $0.074. Although before, the bulls were dominating the market; things are still going in the buyers’ favor at the moment. If the purchasing momentum picks up and the price breaches above the present price level, which is also a resistance zone, further amplification of the current bullish wave is anticipated.
DOGE/USD 1-day price chart: Following a fix, DOGE rebounds
A strong bullish trend for the day is confirmed by the one-day Dogecoin price analysis. After returning, the bulls took control of the market, and at the time of writing, the price was at the $0.074 resistance level. Given that the cryptocurrency pair has already increased in value by 11.80 percent over the past seven days, further gains could occur in the hours to come. The buyers continue to make efforts; therefore, it appears that there are more opportunities for resurrection. Additionally, the moving average (MA) value for the daily price chart is $0.072.
The Bollinger bands are converging, indicating decreasing volatility. The highest resistance is indicated by the upper Bollinger band, which displays a value of $0.082, while the strongest support is shown by the lower Bollinger band, which shows a value of $0.064. The current value of the Bollinger Bands average is $0.073. Last but not least, the recent price increase caused the Relative Strength Index (RSI) score to narrowly hit index 47.
Dogecoin price analysis: Recent developments and further technical indications
The hourly Dogecoin price analysis is in favor of the bulls as well, as the coin has rallied toward $0.074 after correcting slightly down in between. Significant recovery has taken place over the past four hours as a result of the bulls’ impressive comeback and helped in gaining significant value. As the bears were moving forward quickly in the previous hours, this is pretty promising news for the purchasers. And if we talk about the Moving Average value as it appears on the four-hour price chart, it is currently $0.075.
The Bollinger bands on the 4-hour chart are covering more area. The Bollinger bands indicator’s upper value is present at $0.078, while its lower value is present at $0.069. The price is again rising above the indicator’s mean average line. Due to the bullish wave and the strong buying momentum, the RSI score has also been prevented from sinking further below and is now at index 51. The curve is still moving horizontally, indicating buyers’ support.
Dogecoin price analysis conclusion
Given the Dogecoin price analysis for the past day and the previous four hours, a resoundingly strong positive trend is predicted for the day as the price of the coin increases to $0.074. At the beginning of the day, the bulls took the lead, and now the bulls are in charge of the price action. Additionally, since the coin’s price oscillation has accelerated over the last four hours, the hourly price chart likewise also exhibits an increasing bullish momentum.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-03-19/