Dogecoin price analysis shows a bullish trend. The DOGE/USD is the highest gainer today in the market among the top 100 cryptocurrencies, as the coin bulls took the price from $0.07699 to $0.07948 in a swift move, gaining good value in a single day. Today Dogecoin is following an upwards trend and is trading hands at $0.07948 at the time of writing. However, the next resistance for DOGE is present at the $0.08133 mark, where selling pressure can return.
Overall, Cryptocurrency has gained 12.50 percent over the entire last week. The rise in the price of the DOGE/USD pair started earlier this year after a low of $0.060 levels, and the coin is currently trading at a much higher level.
Dogecoin price analysis 1-day price chart: DOGE reports massive gains
The 1-day Dogecoin price analysis shows a good increase in price today. The bulls have been rallying since yesterday when the price started recovering. After getting support at $0.07699, DOGE is on an upwards trend, and the bulls gained a handsome 3.33 percent profit in the coin’s value during the last 24 hours as the price has reached $0.07948 at the moment.
The moving averages of the 1-day Dogecoin price analysis are also favoring the bulls, as both the 50 MA and 100 MA lines are above the current market value. The MACD indicator is also in the bullish zone, with the positive line above the negative line. The relative strength index (RSI) has traveled up to 44.89 levels, indicating that the coin is in the overbought zone.
Dogecoin price analysis: Support is still strong at $0.07699
The 4-hour Dogecoin price analysis shows bulls have been in reign for the last 24 hours. At the start of the day, a correction was observed, which started at the end of the previous trading session. The current hours show a continuous increase in price levels as it has touched the $0.07948 mark.
The moving average has crossed above the current price value, as the 50 MA and 100 MA lines are both above the current value. The MACD indicator has also shifted to the bullish zone, with the histogram and the positive line both on an upwards trajectory. The relative strength index (RSI) is currently at 60.35 levels, indicating that the coin is near the overbought zone.
Dogecoin price analysis conclusion
Dogecoin price analysis indicates a strong bullish trend for the cryptocurrency, as overall, the crypto market is under bearish influence, but today DOGE/USD has shown tremendous improvement in value. Further increase in the crypto pair’s price value is also expected in the coming hours.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2023-01-13/