- DOGE price recovering is a sign of relief for respected investors, still the bulls need to buckle up.
- The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
- The DOGE/BTC pair is at 0.000003169 with a gain of 2.13% in it.
Dogecoin is a p2p open source cryptocurrency. It is considered as an altcoin and almost sarcastic meme coin. While it was created seemingly as a joke, Dogecoin’s blockchain still has merit. It has an image of a shiba inu dog as its logo.
DOGE after a fall has managed to accumulate bulls and the price has started recovering over the daily chart. The price is moving at an uptrend but is still flattering as the bears are continuously obstructing the way. The meme cryptocurrency needs to attract buyers as this recovery is not enough. The coin is moving significantly above the exponential moving average and the price gained 38.6% in 7 days. The bulls need to speed up the recovery for the coin to sustain in the market as it is moving very low from all time high.
The current price for one Dogecoin is trading at $0.066 with a gain of 6.23% in its market capitalization in the last 24 hrs. The coi has a trading volume of 528 million with a gain of 25% in the 24 hrs trading session and a market cap of 8.7 billion. The volume market cap ratio is 0.05958.
Short term analysis
On analyzing the graph for a short term (4 hrs) we can observe the same uptrend but this time with a good inclination. If the phase continues the coin may recover soon, along with this the investors should be ready for the bears’ backfire. Technical indicators like MACD indicate for a bullish run ahead but the signal appears weak as indicated by the histograms. The relative strength index shows the increasing buying pressure which is pumping the price. The RSI value for DOGE is above 60 currently.
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Conclusion
DOGE after a fall has managed to accumulate bulls and the price has started recovering ove the daily chart.The meme cryptocurrency needs to attract buyers as this recovery is not enough. The price is moving significantly above the exponential moving average. While the hourly graph shows the enhanced uptrend along with the support of technical indicators.
Technical levels
Resistance levels: $0.070 and $0.077
Support levels: $0.058 and $0.049
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/06/26/dogecoin-price-analysis-winds-of-recovery-sign-of-relief-for-doge-investors/