- The Dogecoin price analysis is bullish today.
- Next, resistance is found at $0.257.
- Support is present at $0.233.
The Dogecoin price analysis reveals the coin is following a bullish pattern. The price has been increasing for the entire past week, following a bearish downtrend earlier. The current bullish momentum has helped significantly in recovering DOGE/USD price from $0.22 to $0.25.
Dogecoin has been following some interesting price function patterns for quite some time since Elon musk started praising it. At times it rallies high, and at times Dogecoin shows a tendency to fall like a rock. As the DOGE bulls are taking the price higher, DOGE/USD is facing resistance at $0.257, followed by a more crucial resistance of $0.26; the latter one will be a pivot point for further march or bounce back.
DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.257
The 1-day price chart for Dogecoin price analysis shows the crypto pair is trading in the range of $0.246 to $0.250 today, as the bulls cover upwards range. Dogecoin has gained 4.3 percent value over the last 24 hours and is reporting massive gains of more than 11 percent over the past week. The trading volume shows a surge of 243 percent, resulting in the market dominance of 1.33 percent and raising the market cap by 5.5 percent.
The volatility is decreasing for DOGE/USD pair as the Bollinger bands show convergence with the upper band at $0.26 and the lower band at the $0.21 mark, making an average of $0.235. The lower band shows more ascending movement, which is an indication for the price to remain in the upper price envelope for the coming days.
The relative strength index (RSI) is in the upper half of the neutral zone at index 59. The upwards slope of the indicator shows the ongoing buying activity in the market for DOGE/USD.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour Dogecoin price analysis reveals selling pressure is showing its effect on the coin price value; as can be seen, the last candlestick on the 4-hour chart is red. As the price reached $0.254, selling pressure started developing, and the bears dragged the price down to $0.250, writing off half of the gains of the earlier hours of today’s session.
The volatility is high on the 4-hour chart as the Bollinger band took on to expand at a high rate on 18th October, and now the upper band is present at the $0.257 mark, and the lower band is present at the $0.227 mark, the mean average of the Bollinger bands at $0.24 represents support for DOGE/USD. The RSI on the 4-hour chart has also taken a downward movement as the selling overpowers the buying activity during recent hours.
The overall atmosphere is bullish for DOGE/USD as we know these are bullish months for almost all coins. Technical indicators are also showing bullish dominance, with 14 technical indicators voting for bulls and preferring buying of DOT/USD assets. In contrast, only two technical indicators show bearish signs, including the Momentum indicator. However, 10 technical indicators stand neutral and don’t favor any side of the market.
Dogecoin price analysis: Conclusion
The Dogecoin price analysis shows the price is falling again as selling pressure is at the current price level, but chances are ample for bulls to challenge the selling pressure in the coming hours, as the bulls gather support and price again starts to travel upwards, then the price will be going to retest the resistance at $0.26, and if it breaks above the said resistance level, traders can expect the price to go as high as $0.31. But if the bullish momentum dies before the breakthrough, then the price will bounce back to $0.19.
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