Dogecoin price analysis reveals the price has been trading high for the past few days as the bulls have been putting efforts to remain at the lead. An uptrend has been observed today as well, as the price has increased to the $0.08977 level as the bulls have maintained their strength. This has proved to be quite beneficial for the overall coin value, as chances of recovery have been availed to their best. It is expected that a further increase in price will follow in the upcoming hours as well.
The next target for the bulls is $0.09129, which is a key resistance level. It would be a bullish market sign if the bulls can break through this level. On downwards, the first support level is at $0.08772. This is a very important level for the bulls as it is a key support level. If the bulls can hold this level, it would be a very bullish sign for the market. However, if the bears break through this level, it would be a very bearish sign for the market.
1-day Dogecoin price analysis: DOGE/USD trades at $0.08977 after a bullish run
The one-day Dogecoin price analysis confirms an upward price movement for today, as the price has increased to the $0.08977 mark. The price has been experiencing bullish momentum for the past few days. The bulls have been able to bring the price up to $0.09129 in the last 24 hours which is the current key resistance level for the coin. The price has gone above the upper value of the Bollinger bands, and the moving average (MA) is trading at $0.0958 below the price level.
The volatility has increased during the day, which is yet another bullish sign. As a result, the upper Bollinger band value has now moved up to $0.1087, whereas the lower Bollinger band value moved down to $0.0844. The Relative Strength Index (RSI) score has undergone an increase as well as it is now at index 54.12 on a steep upwards curve indicating the intense buying activity in the market.
Dogecoin price analysis on a 4-hour price chart: DOGE recovers up to $0.08977 as bulls steer safely
The hourly chart for Dogecoin price analysis shows that the DOGE/USD pair has formed a bullish flag pattern, a continuation pattern. The breakout from this pattern suggests that the bulls are in control of the market and that prices may continue to rise in the near term. The coin today started trading at $0.08902 and is currently trading at $0.08977, after a slight correction from the opening price. The moving average, in the four hours price chart, is standing at the $0.0888 level above SMA 50.
The increase in volatility has changed the upper Bollinger band value to $0.1008 and the lower Bollinger band value to $0.0851, indicating high volatility. The RSI is continuing its upward curve at an index of 32.53 on the border of the neutral zone.
Dogecoin price analysis conclusion
The price experienced bullish progression today, as confirmed by the one-day and four-hour Dogecoin price analysis. The bulls are now back on track as they have been able to bring the price up to $0.08977 in the last 24 hours as the trend remained bullish throughout the day. It can be expected that the cryptocurrency will continue its bullish ascent in the coming hours.
Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2022-12-13/