- Dogecoin price is expected to break above $0.400 towards $0.500 mark
- The closest support level lies at $0.300
- DOGE faces resistance at the $0.400 mark.
Dogecoin price has finally broken above the $0.30 mark, and strong bullish momentum has carried the price past the $0.35 mark. Dogecoin price records a 45percent price hike across the last seven days showing steady bullish dominance. However, the sharp bullish activity leaves room for a volatile price movement.
The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours, with most major cryptocurrencies recording profits across the timeframe. Major Player includes Ripples XRP and BNB that record a 1.14 and a 2.02 percent increase, respectively. Meanwhile, Bitcoin and Ethereum record a 6.61 and a 2.18 percent hike.
Technical indicators for DOGE/USDT
Across the technical indicators, the MACD shows strong bullish momentum. Until 12 pm yesterday, the indicator was showing bearish momentum for Dogecoin price action; however, since then, the indicator exhibited a bullish reversal as the 12-EMA overtook the 26-EMA. Across the EMAs, 12-EMA is trading above the 26-EMA and continues diverging while both EMAs rise.
The RSI is currently trading in the overbought region, issuing a strong sell signal as the indicator trades above the 72.00 mark. The indicator has been trading in the overbought region since yesterday, with the bullish momentum only slowing down in recent hours.
The Bollinger bands are currently wide and will expand in the future as the bulls take charge of the market momentum. The bands’ expansion suggests an increase in volatility for the Dogecoin price in the short term. Meanwhile, as the price is consolidating above the upper limit away from the band’s mean line, the bands will be leaning upwards for the next few candlesticks.
Overall the 4-hour technical analysis issues a buy signal with 16 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only one indicator issues a sell signal suggesting a bearish retracement. Meanwhile, nine indicators sit on the fence, issuing no support for either side of the market.
The 24-hour technical analysis accentuates this sentiment and issues a strong buy signal, with 16 of the 26 indicators suggesting a bullish movement against zero indicators which suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing.
What to expect from Dogecoin price?
Dogecoin price has initiated another bullish trend and is slowly gaining momentum as DOGE rises to the $0.400 mark. In the past few days, the asset has climbed past the resistances at $0.250 and the $0.300 mark to rise to the $0.350 mark where it currently trades.
The short-term technical indicators suggest an increasing buyer pressure for the Dogecoin price action while the mid-term indicators remain strongly bullish. As such, traders should expect the price to rise to the $0.400 mark before breaking above the $0.500 mark. However, the low trade volume restricts the price movement at the time of writing.
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