Dogecoin has shown bullish signals on its short-term chart. Over the past week, DOGE has recorded a 7% increase in value. The memecoin has stabilized at the $ 0.06 support line. The principal support for the asset was $ 0.064. The coin is currently trading side by side.
Mini-rally for DOGE?
For DOGE to continue to rise, the demand for the base must remain positive – many know. On the four-hour chart, Dogecoin is targeting the $ 0.07 level. However, while purchasing power remains positive, buying pressure on the short-term chart has eased slightly.
If the purchasing power is reduced, there is likely to be a withdrawal for the memecoin. The bulls will lose steam if the base fails to trade above $ 0.064 for a long time. While the price of Bitcoin is showing bullish signals, altcoins also have some relief on their charts.
The global cryptocurrency market cap today stands at $ 997 billion with a positive change of 1.7% over the last 24 hours.
Dogecoin Price Analysis: Four Hour Chart
DOGE is trading around $ 0.069 at press time. The base has largely traded sideways, but has been slowly gaining ground over the past few weeks. More buyers than sellers at the moment. But, if Dogecoin fails to rise above $ 0.070, purchasing power could lose momentum.
As a result, DOGE may revisit the $ 0.047 support level. If Dogecoin exceeds the $ 0.070 resistance level and stays there for a longer period, it could jump to $ 0.094.
The volume of DOGE traded in the last session has decreased significantly. This indicates a reduction in selling pressures, which continues to be a bullish signal.
Dogecoin: Technical Analysis
As the price of coins steadily increased, so did the demand for Dogecoin on an upward path. By increasing purchasing power, the relative strength index was expressed above the midline.
This value reflects positive buying power and bullish price development. However, a slight downward trend of the indicator was noted. Moving Average Convergence Average Diversity reflects the price momentum. The MACD made a bullish crossing and showed green signal bars. These green sign bars indicated buying opportunities.
DOGE price action is going up, but as the asset has traded sideways for some time, this has been reflected in the indicator on the chart above. The Bollinger Bands indicate the likelihood of price fluctuations.
The Bollinger Bands opened slightly, but were largely parallel. This implies that the price of the coin will not see any strong movements.
The Directional Movement Index shows the price trend and strength alike. The DMI was positive because the line + DI (blue) was above the -DI line (orange).
The Average Directional Index (ADX) has risen above the 20 mark. This means that the current price trend is gaining momentum on the chart.
This suggests that Dogecoin may see short-term gains in the upcoming trading sessions.
Text credit: Newsbtc
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