Dogecoin Price Surges, Technical Outlook Suggests Further Uptrend

Dogecoin prices have risen significantly over the past 24 hours. In that timeframe, the coin’s value had appreciated by double digits.

Dogecoin’s price has seen a 11% increase in the past week. This is a sign that it has been rallying recently.

This coin, alongside Ethereum, has been one the most successful on the charts, with both securing double-digit gains.

This price level has seen the meme-coin reach a new monthly record. Dogecoin prices finally broke through consolidation, passing through resistance and transforming it into support lines.

Technical outlook has changed to favor Dogecoin’s price. As demand for cryptocurrency increased significantly, the buyers returned to market.

Dogecoin’s price momentum will continue, and the coin could move above $0.70 to touch $0.80. This would allow the bulls more price gains.

The current Dogecoin prices are still at 90% below their May 2021 all-time high.

Dogecoin Analysis: One Day Chart

Dogecoin Price
Source: DOGEUSD on TradingView| Source: DOGEUSD on TradingView

DOGE traded at $0.069 as of the writing. At $0.069, the coin had passed the $0.063 price point. This is currently acting as support local to the coin.

In the next trading session, the coin might push above the $0.070 threshold. Dogecoin will trade below $0.80 at the $0.72 resistance level, and $0.78 at its next trading session.

It will mark a major milestone for Dogecoin, reaching the $0.80 level. Dogecoin’s current price will drop to $0.56 then $0.50.

Dogecoin trading volume in the past session was significant, which indicates an increased demand.

Technical Analysis

Dogecoin Price
Dogecoin experienced overbought on its one-day chart. Source : DOGEUSD, TradingView| Source: DOGEUSD on TradingView

Altcoin was in an overvalued state at the time that this post was published. Dogecoin was last in the overbought area during August.

Relative Strength Index showed a perpendicular recovery when it moved beyond the half-line, and then went directly to the 80 mark.

It meant that sellers were outnumbered by buyers. Dogecoin’s price rose above the 20 SMA. This again showed that demand for the meme coin was increasing rapidly and that buyers are driving price momentum.

The bulls may push on the asset, forming a golden cross. This means the 20-SMA will be above the 50 SMA. This is a sign that the asset has a strong bullish bias.

Dogecoin Price
Source: DOGEUSD at TradingView| Source: DOGEUSD on TradingView

Dogecoin’s bullish trend was supported by other technical indicators. Moving Average Convergence Divergence is a measure of overall price momentum. It also indicates the direction and general trend in the coin’s price.

MACD was subject to a bullish crossover. It now displays green histograms which are a buy signal.

The Chaikin Money Flow is in charge of displaying the asset’s capital inflows and outflows. CMF indicated positive price movements, as it showed a high indicator that was not close to the halfway line.

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