Dogecoin price analysis: DOGE finally beats the dip, rises 8 percent

TL;DR Breakdown

• Dogecoin rose 8 percent on the day to move as high as $0.1646
• Trading volume shot up 112 percent as buyers dominated the day’s trade
• DOGE finally finds bullish momentum after a dismal start to the year

Dogecoin price analysis for the day shows price rising up to $0.1646 with a 7 percent increment. The uptrend comes at a welcome time for DOGE, after yesterday’s trade took price as low as $0.1372. Price will now look to consolidate towards $0.2, and is expected to face resistance at the $0.18 mark. DOGE trading volume over the past 24 hours rose more than 112 percent, as buyers dominated the market. The bullish upturn is expected to challenge the $1.8 resistance point, after enduring a lengthy spell near support since the December 28 high of $0.1878.

The larger cryptocurrency market posed significant recoveries, with Ethereum rising 5 percent up to $3,200. Bitcoin also found some momentum with a 3 percent increment to stay in touching distance of the $43,000 mark. Among Altcoins, Cardano rose 6 percent, Ripple 5 percent, Solana 5 percent and Polkadot make significant inroads with a 10 percent spike.

DOGE/USD 24-hour chart: Bullish Hammer pattern shows change of trend

On the 24-hour chart for Dogecoin price analysis, formation of a Bullish Hammer pattern can be seen on the candlestick chart. The bottom wick suggests that sellers dominated the market to push price downwards, but buyers came in late to close above the previous price. On the day, DOGE also jumped above its crucial 25 and 50-day exponential moving averages (EMAs) with a growing relative strength index (RSI) of 38.70. Price currently sits in the lower half of the Bollinger bands’ curve, but is expected to move upwards as price rises. Over the next 24 hours, the resistance point at $0.18 will be tested, where profit taking short-term trade may also make price susceptible.

DOGE/USD 4-hour chart: Turbulent price action observed over short-term trade

The 4-hour chart for the DOGE/USD trade pair shows price undergoing a turbulent period during the day. After rising up to 8 percent initially in the day, price observed an immediate and stark decline down to $0.1481. The following sessions show some consolidation, suggesting buyers remain in the market. The 4-hour RSI also shows a strong market valuation at 52.13, with trading volume upping more than 112 percent. Over the next short-term trade, DOGE will need to consolidate momentum upwards without frequent downswings to attempt assault at the $0.18 resistance. The major market signal remains buying for now.

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