DOGE/USD to break above the daily resistance of $0.1608

TL;DR Breakdown

• Dogecoin price analysis is bullish today.
• Most technical indicators are bullish.
• Dogecoin is currently trading at $0.1569.

Dogecoin began the daily price analysis chart in a downtrend; however, a few hours later, the buyers stormed the market reversing the bearish trend. Since the bears have struggled to bring down the price, the bulls thrive on pushing the price even higher. We can see on the daily price analysis chart that we have bounced from $0.1530 and now trading at $0.15840 and currently making higher highs.

Dogecoin 24 hours price analysis: DOGE set to bounce higher

Dogecoin’s price analysis shows that it is trading below the Ichimoku cloud, which is bearish and suggests trading in the downtrend. The moving averages point north, indicating an intense upward pressure on DOGE. This could be bad news for the bears if they soon do not break the bullish trend. The last time the Dogecoin price analysis had this happen was when it went from $0.1300 to $0.17000 in a couple of weeks. We could see that happen again if the bulls continue with their current trend and commence a solid bullish run.

Buyers are currently in control of the market; however, if the market does decide to fall below $0.1520 again, we could see sellers step in, which will cause Dogecoin price analysis to retake its downtrend and push it further south. Overall, for this dogecoin analysis, we can expect a bullish run up to around $0.1620.

DOGE/USD 4-hour chart: DOGE set to spike higher

On the four-hour chart, we can see that price has been moving sideways, forming a symmetrical triangle pattern. This is a continuation pattern and usually indicates bullish continuation due to the inclination of its slope. However, this time the pattern is very weak as the bulls have not been able to push price action above our resistance level, which is at $1608.

The buyers are presently in control of the market, but there is a lack of momentum. For an exploitable breakout, the price needs to rise above our resistance level at $0.1608 for an upswing that may last over time, which will also allow the MACD to enter positive territory as well. However, we expect the price to face some resistance before breaking through and likely falling back into consolidation or down to retest support.

On the one-hour chart, we can see that the uptrend has been quite strong this time around. We have formed higher highs and higher lows, indicating that demand outweighs supply within this period. However, we are seeing a slight bearish divergence on the RSI, indicating weak bullish momentum.

Dogecoin Price Analysis: Conclusion

Dogecoin price analysis shows that it is in a strong uptrend and looks set to continue with bullish momentum. For the DOGE/USD pair to enter into another bull run towards $0.1700 would be likely if positive news or bullish fundamental events above our resistance level at $0.1608.

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