Dogecoin price analysis is bullish today. The cryptocurrency reached an intraday high of $0.70, but it is currently trading at $0.691. In the 4-hour timeframe, DOGE/USD has formed a bullish pennant pattern that suggests an imminent breakout to the upside.
On the downside, support lies at $0.65. Dogecoin’s price is currently trading at $0.6911 after reaching an intraday high of $0.70. The cryptocurrency is trading above the $0.65 support level and the 100 simple moving average. DOGE/USD is preparing for a breakout from the bullish pennant pattern. The next resistance levels to watch out for are $0.72 and $0.75. Dogecoin’s price is currently trading at $0.69 after reaching an intraday high of $0.70.
Dogecoin price movement in the last 24 hours: DOGE price is up by 5 percent on the daily time frame
In the last 24 hours, Dogecoin’s price has been trading in a range between $0.65 and $0.70. The cryptocurrency is currently trading close to the $0.70 resistance level, and it looks like it might break out to the upside soon.
DOGE/USD 4-hour chart: Recent price developments
On the 4-hour Dogecoin price analysis chart, we can see that DOGE/USD has formed a bearish head and shoulders pattern. The cryptocurrency is trading at the pattern’s neckline, and it looks like it might break down lower soon.
The Dogecoin price action has been trading with a bullish bias recently, as the drop from $0.063 ground to begin this week slowly gathered pace. After a fresh local low was recorded at around $0.068, DOGE/USD began to fall back.
At the time of writing, DOGE/USD is changing hands at $0.069 after a marginal move to the downside on the day. The move comes as bulls begin to eye a possible breakout from the descending channel that has contained price action since early April.
The bulls have so far been unable to muster enough strength to move the price of Dogecoin beyond the 200-day simple moving average (SMA), currently at $0.071. A break and close above this key level could begin a more significant rally. Conversely, a move below $0.068 could encourage a further sell-off that returns the price towards the April lows.
Dogecoin price analysis: Conclusion
Dogecoin price analysis is bullish today as the cryptocurrency reached an intraday high of $0.70. DOGE/USD is currently trading at $0.691, and it looks like it might break out to the upside soon. The next resistance levels to watch out for are $0.72 and $0.75.
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Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-07-05/