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Dogecoin price analysis: DOGE races to $0.139 after bullish revival

Analytics

www.cryptopolitan.com 25 April 2022 17:42, UTC
  
Reading time: ~3 m

TL;DR Breakdown

  • Dogecoin price analysis is bullish.
  • Resistance for DOGE is present at $0.142.
  • Support is present at $0.135 point.

The most recent Dogecoin price analysis suggests a strong bullish trend for today, as the coin has raced higher after crashing down at the start of the trading session. A considerable rise in coin value was detected throughout the day, and the bullish momentum has placed DOGE as one of the early recoverers from today’s market crash. The market crashed at night, but now the price has leveled up to $0.139 due to the recent bullish shift. Although the bears were overpowering the market earlier, currently, the situation is going in favor of the buyers. Further intensification in the ongoing bullish wave is expected if the buying momentum gets stronger.

DOGE/USD 1-day price chart: DOGE recovers after dipping low

The one-day Dogecoin price analysis confirms a strong bullish trend for the day. The bulls have controlled the market throughout the day as the price has broken above the $0.135 resistance in the past few hours. More profit seems to be on its way for Dogecoin buyers as the price just reached the $0.139 high, gaining more than 5.2 percent value. Further chances of revival seem close as the buyers persistently put in efforts. Moreover, the daily price chart’s moving average (MA) value is at $0.138.

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

The Bollinger bands are converging sharply, showing a decrease in volatility, but the low and high swings of today’s price action might push the indicator to diverge again. Meanwhile, the upper Bollinger band shows a $0.149 value, representing the strongest resistance, whereas the lower Bollinger band displays a $0.132 value, representing the strongest support. The Bollinger Bands average is standing at the $0.140 mark at present. Lastly, the Relative Strength Index (RSI) score just reached index 50 due to the recent upturn in price.

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

The hourly Dogecoin price analysis is in favor of the bulls as well, as the coin, after dipping down to $0.124, has rallied towards $0.139. All the recovery has been made during the last eight hours as the bulls have made a successful return and have helped DOGE be the highest gainer among the top 100 cryptocurrencies. This is rather encouraging news for the buyers, as the bears 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 $0.133.

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

A crossover between SMA 20 curve and the SMA 50 curve is also expected in the coming hours. Moving on, the Bollinger bands are expanded on the 4-hour chart. The upper value of the Bollinger bands indicator settles at $0.140, whereas its lower value is set at $0.127. The price has rallied from below the bottom of the Bollinger bands towards the upper limit of the indicator. The RSI score has also come quite high because of the bullish wave and is present at index 57 due to the strong buying momentum, but now the curve is settling horizontally, hinting at a slow down in the buying activity.

Dogecoin price analysis conclusion

The given one-day and four-hour Dogecoin price analysis predicts an overwhelmingly strong bullish trend for the day as the coin value heightened up to $0.139. The bears were dominating at the start of the day, but now the bulls have taken control of the price action. On the other side, the hourly price chart shows signs of selling pressure building up as the price oscillations have slowed up 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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