According to the Dogecoin price analysis, the meme token recorded a rise in its price today. There has been an increase in the price, as bulls continued to lead the trading session.
The previous session had seen the price decline, but the overall momentum has been positive, as the price climbed to an intraday high of $0.08989.
Bullish signal
The bulls were able to breakout of an important resistance level at $0.09077 and if the price retraces, then this level would start acting as support.
The last 24 hours have seen the largest meme token in terms of its market cap rise by 1.23%, but its 24-hour trading volume has recorded a decline of 6.15%, as it stood at $506 million, while the total market cap was $12.5 billion.
The analysis of the 1-day price chart showed that the meme token is moving in a bullish direction, as there is a formation of a higher low and a higher high.
If the trend continues, then it is likely that DOGE could climb to $0.092, while support is expected to be around the $0.08830 mark.
On the other hand, the moving average is around $0.0859, which means it is below the current Dogecoin price and this means buying pressure still persists in the market.
The data
There is an increase in volatility, which shows that the next few days might see a downfall in the DOGE price.
There is a possibility that DOGE has entered the overbought territory because the Relative Strength Index (RSI) has reached about 60.93.
However, an analysis of the 4-hour chart showed that things were in favor of the bulls because the canine-themed meme coin saw a significant rise in its value.
Since a series has been formed by green candlesticks, it suggests that buyers are driving the market. If the bulls continue leading the market, then the Dogecoin price could break past the resistance level of $0.09077.
There has been continuous bullish momentum and there has been a constant rise in the price, which pushed it to its current level of $0.08989.
More details
The 4-hour chart shows that the RSI is close to 60.19, which means it is in neutral territory and has not entered overbought, or oversold territory as yet.
As far as the Moving Average (MA) is concerned, it stands at about $0.0894 and the previous trading session saw a bullish crossover taking place.
The conclusion is that the Dogecoin price analysis shows that if the bulls continue taking the lead, then the price of the meme token could record a new high.
Furthermore, it is also expected to break out from its trading range and touch a new resistance level at $0.09077, or it could climb higher.
As far as support levels are concerned, they are expected to hold in case there is a retracing and this means that traders should keep an eye on the market trend.