Dogecoin price analysis: DOGE rallies after storming past $0.255 resistance

TL;DR Breakdown

  • Dogecoin price moved up more than 7 percent over the last 24 hours
  • Price rose above crucial 50% Fibonacci retracement level at $0.255 resistance
  • Trading volume up more than 300 percent to confirm bullish market valuation

Dogecoin price analysis over the last 24 hours gives bullish readings as price stormed past its first resistance point at $0.255. The move also cleared the 50% Fibonacci retracement level for DOGE, opening doors for a potential 64 percent rise in the continuing trend. Trading volume for the token went up more than 300 percent over 24 hours, indicating the overall trend to be bullish. Price currently sits at $0.266, after seeing a 24-hour high of $0.2819.

The larger cryptocurrency market showed positive outcomes overall over the intra-day trade, as Bitcoin upped over 5 percent to sit above $63,000. Ethereum rose 3 percent to move above $4,100, with Altcoins showing similar increments. Ripple and Cardano rose 1 percent each to $1.09 and $2.14, respectively. Polkadot increased over 4 percent to $0.264 as Solana capitalised with a 14 percent rise to $215.92.

Dogecoin price analysis: DOGE rallies after storming past $0.255 resistance 1
Dogecoin price analysis: Cryptocurrency heat map. Source: Coin360

DOGE/USD 24-hour chart: Price tops crucial EMAs before checking back

On the 24-hour chart, Dogecoin price can be seen topping the crucial 20, 50 and 100-day exponential moving averages (EMAs) before incurring some seller action. The price relative strength index (RSI) shows a strong value of 58.35, suggesting strong valuation in the market for the token, regardless of the recent correction. The Moving Average Convergence Divergence (MACD) curve also shows bullish signs, sitting well above the neutral zone and the 0.00 mark.

Dogecoin price analysis: DOGE rallies after storming past $0.255 resistance 2
Dogecoin price analysis: 24-hour chart. Source: TradingView

DOGE/USD 4-hour chart: Buyers tipping price upwards with strong technical indicators

On the 4-hour chart for Dogecoin price analysis, buyers can be seen attempting to push price upwards with short-term sellers applying pressure simultaneously. Once DOGE breaks past this seller pressure and consolidate above $0.255 resistance, it will look to launch ascend further. The RSI value shows favourable signs for that to happen, with a bullish value of 55.24. The MACD curve also sits well above its neutral zone, indicating underlying bullish strength.

Dogecoin price analysis: DOGE rallies after storming past $0.255 resistance 3
Dogecoin price analysis: 4-hour chart. Source: TradingView

Dogecoin price analysis: Conclusion

According to majority technical indicators, Dogecoin could be set to launch a record-breaking launch as price broke past the crucial $0.255 resistance over the intra-day trade. Some pressure has also appeared with short-term sell offs taking place, but if traders can withhold this pressure and consolidate price above resistance, Dogecoin could have a good chance of fulfilling its prophecy with the current upward trajectory.

Disclaimer. The information provided is not trading advice. 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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