Dogecoin is showing bullish signs in its short term charts. The currency is trading in the lateral direction at present. DOGE has seen a 7% increase in value over the last week. The support line at $0.06 has held steady for the meme-coin. Support level $0.064 was the critical support level.
DOGE must continue to be bullish in order to maintain its bullish trend. The coin’s demand has to stay positive. Dogecoin targets the $0.07 mark on its four-hour chart. While buying strength remains positive, there have been some slight drops in buying pressure in the short term chart.
The meme-coin should pull back if its buying power drops. The coin will not trade at $0.064 over a significant time, and the bulls will soon lose steam. With Bitcoin’s price showing signs of upward movement, altcoins are also registering relief on their charts.
Today’s global cryptocurrency market is worth $997 billion.Positive:.7% The last 24 hours have seen significant changes.
Dogecoin price analysis: four hour chart
DOGE trades at $0.069 as of press time. While the cryptocurrency has been mostly in sideways trading, it has gradually gained value over the last few weeks. Buyers currently outnumber sellers but if Dogecoin doesn’t move past the $0.070 mark, buying strength might lose momentum.
DOGE may revisit the $0.047 resistance level. If Dogecoin moves above the $0.070 resistance mark and trades there for a substantial period of time then a jump to $0.094 might be possible. A significant drop in DOGE trading volume in the previous session was a sign of bearishness.
Technical Analysis
Dogecoin demand has also been increasing as the price of the coin keeps rising. The Relative Strength Index, which was depicted above the halfway mark in accordance to the rising buying power, also reflected the increase in purchasing strength.
The reading indicated positive buying power and bullish price actions. However, there was a slight downturn in the indicator. Moving Average Convergence Divergence depicts price momentum. MACD was subject to a bullish crossover that resulted in green signal bars. These signal bars indicated buy opportunities.
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DOGE’s price action is headed in a bullish way but as the coin laterally traded for sometime, it reflected on the indicator seen on the above chart. Bollinger Bands can be used to indicate potential price fluctuations. Bollinger Bands expanded slightly, however it was mostly parallel, suggesting that there might be no significant price movement.
Directional Movement Index measures price trends and strength. Positive DMI as the +DI Line (Blue), was greater than that of the –DI Line (Orange).
Average Directional Index (ADX), which rose above 20 marks, indicated that the price trend on the chart was growing in momentum.
Dogecoin may see short-term gains in the next trading session.
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Featured image by Unsplash.com. Chart by TradingView.com
