Dogecoin Price Formed Positive Candlestick Pattern Last Night, But What About RSI Indicator 

• Dogecoin Price recorded V-shaped recovery above support in hourly chart.
• Meme-coin market cap uptick in last 24 hours by 3.14%, reported at $8.009 Billion. 
• For bounce back, bulls crossed their limits, resulting in trading volume spiked up 148% overnight. 

Dogecoin price is riding in roller-coaster ride after slipping below the $0.067 support level, bears turned this level into their defending zone later on. This bears’ defending zone has already interpreted the bullish trend several times in the last few days. Buyers need to overcome selling pressure to see further growth.  

Dogecoin Price Pattern on Hourly Chart 

In hourly price chart, Dogecoin price is observing a range bound between $0.056 to $0.067 support to resistance level for since late August. This consolidation phase crossed 40 days and still no one cared about breaking this range. Recently buyers reversed the bearish trend into recovery last night. The hourly price trend shows, V-shaped recovery. 

This aggressive price recovery hints at the next stop of Dogecoin investors at the next resistance. Meanwhile, Dogecoin price against the USDT pair is trading at $0.06031 mark at the time of writing. Bulls manage recovery today also, hence, crypto price looks in green by 1.09% in intraday trading session. 

Amid price recovery, the daily price candle displays a Dragonfly doji candle last night. On behalf of this bullish pattern buyers may push asset prices higher ahead by 11% from the current levels. Thus, Meme-coin market cap uptick in the last 24 hours by 3.14%, reported at $8.009 Billion. For bounce back, bulls crossed their limits, resulting in trading volume spiked up 148% overnight. 

Dogecoin Price on Daily Time Frame 

On the daily price chart, the lower-band Bollinger Band indicator acts as a support for buyers. Therefore, Dogecoin price approaches the mid-band (20 day simple moving average) to sustain price above this level. 

The daily RSI indicator is still negative after reversing from the overbought zone. Its peak  slips towards the semi-line.

Conclusion 

The Dogecoin price seems to have calmed down above the lower-band of bollinger bands indicator. Although uncertainty has not escaped yet as RSI moves lower. But On behalf of this bullish pattern last night’s, buyers may push asset price higher ahead by 11% from the current levels. 

Resistance level- $0.065 and $0.090

Support level- $0.055 and $0.050

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.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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