Bulls Reign Over DOGE Market as the Coin Continues to Surge

  • At the time of writing, DOGE is trading at $0.07464 and is up 0.34% in the last few hours.
  • The resistance barrier of $0.0766 needs to be broken for further upside progress.

The Dogecoin price analysis for today shows a bullish recovery after a minimal pullback. The market for DOGE opened at $0.07537 with a massive surge that took the price to an intraday high of $0.0766, providing a gain of 0.34%. However, a bearish pullback took the Dogecoin price back to $0.07341, from which it has started rising again.

DOGE/USD daily price chart: Coinmarket cap

The bulls are trying to push the price above the resistance barrier of $0.0766 with good buying strength and sustainable momentum. If they succeed in doing so, the next level of bullish pressure will come in at $0.080 and then at the psychological level of $0.0850.

On the other hand, if the market reverses the momentum and starts a downward trend, the first level of support that the Dogecoin price may encounter would be at $0.0743, followed by another support barrier at $0.073. If this support is broken, then we might see DOGE prices falling to the critical level of $0.07200.

The market capitalization for DOGE is currently over $9.8 billion, and the 24-hour trading volume stands at $410 million, both of which are evidence that DOGE is becoming increasingly popular in the crypto sphere. The circulating supply of DOGE stands at 132 billion DOGE, which makes DOGE one of the top 10 cryptocurrencies.

Most cryptocurrencies today are in green candlestick territory, with top coins like Bitcoin, Ethereum, and XRP all seeing increases in their market prices. With its bullish momentum continuing in the market, Dogecoin is likely to benefit from further upside progress.

The latest technical indicators reveal a strong bullish pattern in the Dogecoin market, with the 50-day MA now above the 200-day MA, indicating a strong bullish market trend. Currently, the moving average indicator is at 0.0734 with a strong buy signal, confirming the bullish momentum in the market.

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

The Relative Strength Index (RSI) is below 50 levels at the moment, which is neutral and may likely increase in the upcoming sessions. The moving average convergence divergence (MACD) is about to go green, which could be a sign of further bullish momentum. The MACD line is currently above the signal line, indicating an uptrend.

Overall, Dogecoin is in the midst of a bullish market trend, and it looks like it’s here to stay. With more investors entering the crypto market, Dogecoin could be looking at further gains in the days ahead. The support and resistance levels will be important to watch out for, as any breaks could signal a reversal in the market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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