Dogecoin price analysis: DOGE recovers April losses as bulls gain a massive 32 percent overnight

TL;DR Breakdown

• Dogecoin price analysis shows strong bulish momentum.
• Resistance for DOGE is present at $0.165.
• Support is present at $0.148 point.

The Dogecoin price analysis shows bullish momentum as the price is on the rise today. After gaining a considerable value yesterday, the price of the coin has increased further and continues to cover the range upwards. Bulls have recovered the losses faced during the entire month of April 2022, as mostly the trend was downwards. But as the market started to recover yesterday, DOGE was one of the highest gainers, and the bullish trend has recovered the price up to $0.168 today. The next resistance for DOGE is present at $0.165, followed by another crucial resistance at $0.172.

DOGE/USD 1-day price chart: DOGE to retest $0.165 as resistance

The 24-hour Dogecoin price analysis shows that DOGE/USD pair is still on an upwards trend, as now bulls are looking to challenge the $0.165 resistance, which seems to be going under a test soon. The next target for bulls will be the previous swing high of $0.172 which was observed on 5 April 2022, but bulls were unable to hold the position for long as the price came down the very next day, and now it is the next inline resistance for bulls to encounter.

Overall the DOGE/USD pair reports an increase in value of 32 percent over the last 24 hours, and gains of almost 17.7 percent over the past week, due to which the market cap has also increased by 32.4 percent, and the trading volume has gone up by a whopping 878 percent today.

The volatility for DOGE is also increasing as the Bollinger bands have started to widen up, with the upper band at the $0.157 mark representing technical support for DOGE as the price has shooted past the upper limit, and the mean average of the Bollinger bands is present at the $0.142 mark, while the lower band is trading at $0.127 after diverging downwards. The moving average (MA) is trading at the $0.142 level after crossing over the SMA 50 curve, which is a bullish crossover.

The relative strength index (RSI) is trading at index 64 near the over-bought limit at a steep upwards slope, giving a hint for present buying activity.

Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows that DOGE continues to race high as the price has been on the increasing trend for the last few hours. The correction observed at the end of the last trading session also continued for the first four hours of today’s trading session as well as the price breakout was downwards, but later on, bulls made an aggressive comeback and have made further gains.

In our yesterday’s analysis, we were doubtful about further move higher for the coin as the selling pressure was building up at that time, but now the circumstances have changed, and the price has moved up to $0.164.

The volatility on the 4-hour chart is high, and the price continues upside above the upper limit of the volatility indicator. The RSI has also stepped at the borderline of the oversold zone as it trades at index 70. However, the RSI may give a sell call any time after increasing a bit more.

Overall the technical indicators have turned bullish for DOGE/USD as now 14 technical indicators suggest buying options for DOGE, including the MA10, EMA10, and the MACD and Momentum oscillators, and only two technical indicators suggest selling options. At the same time, 10 indicators stand neutral and do not favor any side of the market.

Dogecoin price analysis conclusion

The Dogecoin price analysis suggests the cryptocurrency is enjoying a bullish swing today. Most of the losses of the last three months have been recovered, and the resistance levels now turned into supports. This is a very encouraging sign for the buyers if the coin can sustain the price levels for the coming days.

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