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Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market

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  • The Dogecoin price analysis is bullish today.
  • Next, resistance is found at $0.262.
  • Support is present at $0.248.

The Dogecoin price analysis shows the price has increased today after a bullish streak for a continuous third day. Overall the DOGE price showed improvement during the past week as it came up from $0.235 to the current price level of $0.254, while swinging as high as $0.271 at one instance on 18th October. The price breakup was downwards for the first eight hours today, but the circumstances suddenly changed, which we will discuss under the 4-hour chart.

DOGE/USD 1-day price chart: DOGE bulls target the next resistance at $0.262

The 24-hour Dogecoin price analysis shows bulls have covered an upwards range from $0.249 to $0.253 today as the cryptocurrency is trading hands at $2.53 at the time of writing. The DOGE/USD pair shows a gain of 3.7 percent over the last 24 hours, and if observed over the course of the past seven days, the gain in value amounts to more than 8.5 percent.

Traders are keenly participating in Dogecoin trading as the trading volume shows an increase of 106 percent, which is a big number for the trading volume. This has also helped the coin to improve the market cap by 3.7 percent over the last 24 hours.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 1
DOGE/USD 1-day price chart. Source: Tradingview

The volatility is mild, but the Bollinger bands show slight divergence indicating an increase in volatility for the coming time, as the upper band is present at the $0.258 mark, which represents resistance for DOGE/USD, and the lower band is present at the $0.224 mark, the average of the indicator is forming at the $0.241 mark representing support for the DOGE.

The relative strength index (RSI) is on an upwards curve in the upper half of the neutral zone, indicating more buying in the last hours.

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Dogecoin price analysis: Recent developments and further technical indications

The 4-hour Dogecoin price analysis shows the price function was downwards for the first 8 hours, but then a sudden spike in price was observed, and the DOGE price went as high as $0.264. The spike was very steep and unpredictable, but as we mentioned above, the resistance level is at $0.262, so selling pressure was obvious at this level, and soon DOGE price function was oscillating back. The bears have brought down the price to the current price level of $0.254, and further downside may also follow.

Dogecoin price analysis: DOGE breaks above $0.249, as bulls dominate the market 2
DOGE/USD 4-hour price chart. Source: Tradingview

The RSI has come down to index 55 after jumping up steeply. The RSI shows an almost equally sharp decline as it showed the steep jump. The indicator suggests the reversal of bullish efforts. The volatility has also settled down after increasing at a massive rate for the past four hours.

Dogecoin price analysis: Conclusion

The Dogecoin price analysis is overall on the bullish side, as most of the technical indicators show bullish signs, and a sharp increment in price was also observed recently, followed by the same sharp price fall. However, circumstances are still favorable for DOGE as the bullish trend is still in a healthy state, and the price will increase further in the coming days, but currently, DOGE is falling like a rock and may retest the support at $0.248.

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Dogecoin price locked in downtrend as DOGE bears take the wheel

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  • Dogecoin price is locked within a bearish continuation pattern as buyers are nowhere to be found.
  • Unless DOGE escapes above $0.208, the meme token could continue to trend lower.
  • Slicing below $0.176 might spell even more trouble for the bulls.

Dogecoin price is sealed in a consolidation pattern as DOGE fails to galvanize investors’ enthusiasm. Until the canine-themed token is able to overcome a flurry of obstacles with the final hurdle at $0.23, the meme token may continue to be trapped within a downtrend.

Dogecoin price confined in tight range

Dogecoin price is trapped within a descending parallel channel on the 4-hour chart, as DOGE continues to print lower highs and lower lows. The meme token is attempting to recover following the swing low at $0.186 on November 26 but is confronted with the first area of resistance at the middle boundary of the governing technical pattern at $0.208.

Unless Dogecoin price is able to slice above the aforementioned hurdle, DOGE may continue to consolidate. The dog-themed token may discover its first line of defense at the 78.6% Fibonacci retracement level at $0.199, then at the September 26 low at $0.193.

An additional foothold may arise at the local bottom at $0.186 before Dogecoin price tags the lower boundary of the prevailing chart pattern at $0.176.

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Investors should note that if DOGE falls below the downside trend line of the parallel channel, an ultimate bearish narrative of a 22% downswing toward $0.137 may be unraveled for Dogecoin price, a pessimistic target given by the governing technical pattern.

DOGEUSDT

DOGE/USDT 4-hour chart

To reverse the period of sluggish performance, DOGE bulls should aim to slice above the middle boundary of the prevailing chart pattern at $0.208. Additional resistances may appear at the 21 four-hour Simple Moving Average (SMA) at $0.213, then at the 50 four-hour SMA at $0.221.

Another stiff hurdle may emerge at the 61.8% Fibonacci retracement level at $0.232, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI) and the upper boundary of the parallel channel.

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Escaping above the topside trend line of the governing technical pattern could see the meme token’s momentum shift to the upside, potentially targeting bigger aspirations. However, Dogecoin price must also overcome the 100 four-hour SMA at $0.236 and the 200 four-hour SMA which intersects with the 50% retracement level at $0.254 for an attempt to recuperate recent losses. 

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Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186

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  • Dogecoin price analysis is bearish today.
  • DOGE/USD lost over 18 percent from the last high.
  • Support was found at $0.186.

Dogecoin price analysis is bearish today as we expect further tests of downside to follow after a slight recovery from the $0.186 low. Likely, DOGE/USD will not react higher for long as sellers are still strong in the market.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bearish momentum return over the last 24 hours. The market leader, Bitcoin, declined by 7.56 percent, while Ethereum lost almost 9 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of a little over 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin drops overnight, finds support at $0.186

DOGE/USD traded in a range of $0.1954 – $0.2288, indicating strong volatility over the last 24 hours. Trading volume has increased by 87.15 percent, totaling $2.36 billion, while the total market cap trades around $26.88 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to recover today’s loss

On the 4-hour chart, we can see the Dogecoin price action reacting higher after further downside was rejected over the last hours.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen continuous decline so far in November. After a spike to $0.34 at the end of September, DOGE/USD saw a strong reversal over the following days.

Since then, a series of lower lows and highs have been set until the $0.215 mark was reached on the 18th of November. The support prevented further downside for more than a week, while lower highs were still being set.

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Yesterday, we saw the Dogecoin price set lower high again before starting to rapidly move lower. The $0.215 support was finally broken earlier today, leading to the $0.186 set as the new low. Over the past hours, a slight reaction higher followed, however, we should see DOGE/USD retest the low later today. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect further downside to be tested after the current reaction higher ends. Likely we will see DOGE/USD look to retest the newly set low as sellers are still active. 

While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Whales Are Buying Dogecoin According to Smart-Contract Activity

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Dogecoin on-chain activity suggests that traders might be trying to enter the coin at lows

The smart contract activity is one of the indirect ways of determining the number of actions that take place on-chain of one or another asset. In the case of Dogecoin, it has entered the top 10 most actively used smart contracts on the Ethereum chain. 

According to the provided data, Doge took 7th place among the most actively interacted smart contracts on the chain. The meme-coin shared the top with coins like Binance Smart Chain, Binance USD and Chia Coin.

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The usage of smart contracts usually implies increased buying activity since, in order to utilize a coin’s smart contract, users have to own a certain amount of tokens or coins.

While Doge’s on-chain data suggest that more people are starting to use it, the market data suggests the opposite. According to TradingView, Doge/USD trading pairs are losing up to 10% of their value.

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At today’s low, Doge reached 15% in certain hours and tested the $0.188 support. The last time Dogecoin was trading at the same level was back at the end of September. Rapid growth in coins’ value was followed by the overall bullish cycle on the cryptocurrency market.

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