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DOGE/USD momentum indicator shows high chances of breaking out of $0.30

Cryptopolitan


TL;DR Breakdown

  • Today’s Dogecoin price analysis is suggesting a bullish trend line on the 24-hour chart 
  • The meme coin has been trading within a daily range of $0.2903 – $0.2995
  • The MACD histogram on our 4-hour Dogecoin price analysis has turned green

Today’s Dogecoin price analysis is suggesting a bullish trend line on the 24-hour chart after the coin rallied by 1.20 percent to the $0.2990 mark. We are expecting the DOGE/USD pair to rally high and break out of the $0.30 resistance. 

The general cryptocurrency market is trading bullishly with the majority of the cryptos gaining more than 4 percent in the last 24 hours. Solana is the highest gainer of the day after it hit the $86 support. BTC and ETH gained 4.5 percent and 4.8 percent respectively. 

Dogecoin price movement in the last 24 hours: Dogecoin battling $0.2990 resistance

Our 24-hour Dogecoin price analysis suggests that the meme coin has been trading within a daily range of $0.2903 – $0.2995. The narrow intraday range suggests reduced volatility in the past 24 hours. Meanwhile, the daily trading olume across the Dogecoin market dropped by 3.20 percent and totaled $2.368 billion. On the other hand, the market capitalization for the meme-themed coin is $37 billion after an 8 percent positive change on the 24-hour session.

DOGE/USD 4-hour chart: DOGE preparing to rally?

According to the 4-hour Dogecoin price analysis chart, the DOGE/USD pair is trading at a press time price of $0.2905 and attempting to break out of the $0.30 resistance that has been holding the bulls hostage for quite some time now. 

Source: TradingView

The MACD histogram on our 4-hour Dogecoin price analysis has turned green to indicate strong bullish momentum at the time of writing. The momentum is only increasing just after the price action of the coin crossed the $0.2920 mark. This is the very momentum that has sustained DOGE/USD price action above the 20-day EMA at $0.28 and therefore denotes high demand over supply.

The Relative Strength Index is hovering around the overbought territory. Meanwhile, the RSI indicates the price could turn from the uptrend any time soon. Nonetheless, we can still bet on a bullish market using a 47 index. 

Dogecoin’s Bollinger Bands are currently contracted suggesting low volatility for DOGE. However, the bands are contracted to the upper limit, suggesting the decisiveness of the bulls to cross the moving average at $0.3100. 

Dogecoin Price Analysis: Conclusion

Our daily Dogecoin price analysis is bullish and will remain that way for the next 24 hours. We expect the meme coin to breach the $0.29 – $0.30 resistance and probably hit the early August swing high of $0.32. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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