•DOGE/USD is currently priced at $0.134 and has decreased by 3.23% over the past day
•The technical indicators paint a positive outlook for the near term
•The trading volumes have decreased by 26.93% over the past day
Short Term View: Bulls ramp up the pressure as bears hover
The Dogecoin price today is $0.134281 USD with a 24-hour trading volume of $1,371,031,879 USD. Dogecoin is down 3.23% in the last 24 hours. The trading volumes have decreased significantly over the past day, suggesting profit taking occurring at the current price levels. The Volume to Market Cap Ratio, on the other hand, stands at 0.07696.
In spite of the profit booking occurring in the past day, the momentum in the market is still overwhelmingly bullish. The altcoin is transacting above the 20,50 SMA on the four hour chart. On top of that, the 20 SMA has crossed the 200 SMA (pink) with the 50 SMA to follow suit. This would be accompanied by the golden cross which would be a major boost for the bulls. However, if the selling continues, Dogecoin Price could tumble down to the $0.121 support level. Bulls are looking for a bounce off support and for the crypto to head towards the resistance level placed at $0.148.
Long Term View
The Dogecoin price action of today reinforced the bullish bias which expanded the MACD moving averages. The green histograms are continually on the rise,whereas the MACD line has just ventured into the positive territory.The RSI is transacting at 59.62 and looks headed towards the overbought territory.
Conclusion
In spite of the profit booking occurring today, Dogecoin appears ready for further gains, and it is preparing for its next major move higher. The indicators and price action support this bias.
- Support: $0.121
- Resistance: $0.148
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
The post DOGE Price Analysis: Dogecoin engulfed in a bullish cloud appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/03/25/doge-price-analysis-dogecoin-engulfed-in-a-bullish-cloud/