DOGE/USD set to spike past the intraday highs

TL;DR Breakdown

• Dogecoin price analysis is bullish today.
• DOGE/USD is currently trading at $0.1699.
• Next resistance at $0.185.

As of this writing, Dogecoin‘s price is up 0.25 percent on the day and stands at $0.1144 after a recent high of $0.1321 and a low of $0.0585 earlier today. Today’s Dogecoin analysis is bullish as we anticipate a breakout above the $0.175 resistance to follow. We assume that bulls remain in command following DOGE/USD’S lack of further downside over the last few days.

A break below the ascending trend line, on the other hand, could open doors for a move to support a base of $0.097 and $0.072, with the following significant support at a 200-day MA of $0.053. On the upside, an initial resistance is located at 23.6% Fibonacci retracement level of 0.1321 with next major resistance at 38.2% Fibs at 0.1485 followed by a psychological number of 0.1552 then lastly 61.8% Fibs at 0.1631 where sellers are likely to emerge again, so patience is advised for all Dogecoin bulls out there.

As of this writing, Dogecoin [DOGE] is up 0.5% on the day and is currently trading at $0.169 after a high of $0.170 and a low of $0.1615 earlier today. Earlier, we anticipated Dogecoin would soon break out above $0.175 resistance in our previous analysis, which was accurate as the pair did break through that resistance level and stalled just short of testing the 23.6% Fibonacci retracement level of 0.1321 – Will we see further upside? Let’s find out.

The RSI (relative strength index) is currently at 64.77, indicating that the price stands well above the 50-day average of 46.63, thereby confirming our assumption that bulls are once again in command.

The pair has seen a decent rise in volumes over the last few days, with yesterday’s trading session transacting $41 million worth of Dogecoins. This is in line with our previous Dogecoin price analysis where we mentioned that the rise in volume would be a precursor to further gains which seems to have been confirmed so far.

DOGE/USD 4-hour chart: DOGE looks to break higher?

The Dogecoin price chart shows that it is still testing the $0.175 resistance as bulls refuse to give up before a breakout occurs.

Following a new swing high of $0.195, Dogecoin prices fell last week by more than 15 percent to a low of $0.017. On December 27th, following an earlier higher high, a lower peak was formed before the selling began.

On the following days, Doge/USD dropped around 13% to $0.165, where a reaction high was observed. On Thursday, Doge rebounded from $0.175, establishing local resistance.

Since then, the Dogecoin price has settled below this resistance, with several attempts to break past it failing. However, because the trading range has tightened considerably, we anticipate DOGE/USD to rise higher and reclaim last week’s loss.

Dogecoin Price Analysis: Conclusion 

Today, Dogecoin’s price is rising as we anticipate a higher breakout following further test of the $0.175 resistance level. We expect the resistance to be broken after DOGE/USD has not demonstrated any downward reaction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.