Dogecoin price analysis shows a strong comeback for the meme cryptocurrency today, as price went up by 24 percent over the past 24 hours. After a declining trend that initiated on November 2, DOGE price dropped as low as $0.076, recording a massive 48 percent downtrend. However, price took a trend reversal today, increasing over 24 percent to move to a high of $0.093 resistance point. At the time of writing, Dogecoin price sits at $0.089 and a bullish expectation could take price up to the November target of $0.1 by the weekend.
The larger cryptocurrency market mimicked Dogecoin’s uptrend, led by Bitcoin’s upturn to move back within touching distance of the $18,000 mark, undergoing a 13 percent increment today. Ethereum jumped 18 percent, to move up to $1,300. Among leading Altcoins, Ripple increased 21 percent to $0.39, whereas Cardano rose 17 percent to move up to $0.36. Likewise, Solana jumped a massive 39 percent to move as high as $17.82, and Polkadot jumped up to $5.96 with a 10 percent rise.
Dogecoin price analysis: 24-hour RSI shows healthy buy signal
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen surging upwards following an extended downtrend at the start of the current month. An Evening Star pattern emerged over the day’s trade to signify the change in price direction, as DOGE gained over 24 percent in price. Trading volume dropped just 4 percent over the past 24 hours, indicating significant market movement today. Dogecoin price still remains below the crucial 9 and 21-day moving averages, as well as the 50-day exponential moving average (EMA) at $0.100.
The 24-hour relative strength index (RSI) shows a healthy market valuation at an increasing value of 48.68 which could be heading further upwards into an overbought zone once price meets resistance at $0.093. The moving average convergence divergence (MACD) is still presenting a bearish sight, indicative of the high potential for Dogecoin price to push upwards. Over the next 24-48 hours, bulls will be targeting the $0.1 mark over the current trend.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-10-11-2/