Recent dogecoin price analysis shows a firm bullish trend after the coin attained a $0.10 level. The upward trend started at the beginning of this week when the DOGE price was at $0.0555, and reached the current trading price of $0.1028
Dogecoin has seen a strong price rally over the past few days, as the coin hit a weekly high of $0.1063 following the news of a large transfer from a major whale. According to reports, the whale transferred approximately $30 million worth of DOGE tokens.
Dogecoin has been progressively gaining more popularity in the cryptocurrency space in recent months, thanks to its relatively low price, fast transaction times, and high levels of liquidity. Just after Elon Musk’s acquisition of Twitter, DOGE’s price spiked by over 50% as the news went viral.
Dogecoin Technical Analysis
Dogecoin price analysis in the last 2 hours has seen massive volatility, with the price spiking by over 8% to reach a trading price of $0.1058. The coin is also registering a strong bullish momentum, with its MACD steadily rising and indicating further gains in the near future.
Dogecoin is expected to continue its upward trend in the short term, as technical indicators are strongly in its favor. The moving averages are also moving in tandem and are expected to impact the price positively. The 50-day EMA is currently placed above the 100-day EMA, indicating a longer-term bull trend. Hence, long-term traders can look to buy DOGE at current prices and keep their stops below $0.07.
Dogecoin is facing strong resistance at $0.1058, but the momentum is likely to continue pushing its price higher in the near future. The immediate support levels are found at $0.0988 and $0.089, while technical indicators do not show any signs of a potential pullback in the near future.”
Further technical indicators show Dogecoin price is likely to reach $0.1058 in the near term and then move upwards. The Ichimoku cloud is clearly indicating a bullish trend, and the Relative Strength Index has crossed above 70 to indicate strong buying pressure.
Overall, Dogecoin is in a strong upward trend, and traders should look to buy DOGE at current prices for a long-term investment. The medium-term bullish trend is likely to continue in the coming months, as the technical indicators are strongly in favor of its price.
