Dogecoin price analysis: DOGE/USD bullish for the next 24 hours

The Dogecoin price showed a strong surge in value throughout the day, according to the most recent Dogecoin price analysis. The value of Bitcoin has leveled up to $0.144 as a result of its recent bullish trend. Despite the fact that bears had been in control of the market previously, things are now changing in favor of buyers.

DOGE/USD 1-day price chart: Bulls resume to action after overcoming $0.143 hurdle

The Dogecoin price analysis for the day confirms a robust bullish trend. Throughout the day, the bulls have maintained control of the market as prices rose over an increasing movement in the previous 24 hours. More profit appears to be on its way for Dogecoin investors as the price just hit a high of $0.144. The daily price chart also indicates that prices have been consolidating in a rising wedge formation.

Bullish traders will see this as an opportunity to buy as the breakout could send prices much higher. The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. However, the gap between the moving averages is narrowing to signal that bullish pressure is picking up. In addition, RSI is pointing up to reflect strengthening buying momentum.

Dogecoin price predictions for the short-term posit a continuation of the current uptrend. Resistance can be found at the $0.143 level, which was recently tested and failed to hold as support.

DOGE/USD 1-day price chart. Source: TradingView

The Bollinger bands are converging, decreasing volatility and a greater chance of an uptrend in the next few days. Meanwhile, the upper Bollinger band shows $0.171 of value, whereas the lower Bollinger band displays a $0.123 value. The Bollinger Bands average is standing at the $0.147 mark at present. Lastly, the Relative Strength Index (RSI) score just reached 44.36 due to the recent upturn in price.

Dogecoin price analysis: Bulls remain incapable of transgressing $0.145 boundary

The hourly price prediction for DOGE/USD is in favor of the sellers, as a decline in coin value was detected during the past few hours. The bears have made a successful return in the last four hours as the cryptocurrency value receded to $0.144. This is rather discouraging news for the buyers, as the bulls were progressing swiftly in the earlier hours. Furthermore, if we discuss the Moving Average value as present in the four-hour price chart, it is standing at $0.1397.

DOGE/USD 4-hour price chart. Source: TradingView

A crossover between SMA 20 curve and the SMA 50 curve was widely expected, but now the chances seem to be delayed because of the sudden downturn. Moving on, the upper value of the Bollinger bands indicator settles at $0.145 extreme, whereas its lower value sets at $0.134 extreme. The RSI score is still quite high because of the previous bullish wave and is present at 59.04.

DOGE/USD technical indicators chart. Source: TradingView

The cryptocurrency market has been following a declining trend for the past few weeks if we analyze the situation from an overall point of view. This is why the technical indicators chart for DOGE/USD predicts a bearish trend by giving out a selling hint. There are 11 indicators on the selling position; ten are neutral, whereas only five are on the buying level.

The moving averages indicator gives support for the sellers by giving out a strong bearish signal. Eleven indicators are on the selling side, three are on the buying side, whereas only one is on the neutral side. An upward trend was observed in the past 24-hours hours, which is why the oscillators predict a bullish trend. There are nine oscillators on neutral point, two on buying, and zero on selling point.

Dogecoin price analysis conclusion

The given one-day and four-hour Dogecoin price analysis predicts an increasing trend for the day as the coin value heightened up to $0.144. The bears were dominating, but now the bulls seem to be taking control of the price trends. On the other side, the hourly price chart shows a red candlestick as the price experiences a subtle drop in the past four hours.

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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