- Dogecoin (DOGE) bulls seize control of the market.
- More bullish momentum is predicted by technical indicators.
- DOGE prices soar by over 14.12% and value at $0.06817.
As of the time of publication, Dogecoin (DOGE) prices have risen by 14.46% over the past 24 hours to reach a value of $0.06817 in comparison to the US dollar.
The rise in market capitalization and trading volume has been cited as the reason for the bullish market attitude. The market capitalization increased by 10.52%, while the 1-day trading volume rose by 202.36% to $720,041,103.
The Moving Average Convergence Divergence (MACD) is above the signal line and in the positive range, according to the 1-day price chart. The blue MACD line, which has a reading of 0.00029, displays a bullish momentum. Furthermore, the histogram’s reading of 0.0071 confirms this opinion.
With a value of 84.32, the stochastic RSI suggests that it is in the overbought area. This serves as a warning to traders as it suggests that the present market trend is about to come to an end.
The Relative Strength Index (RSI) is 68.09 and is trending north. Because it is neither in an oversold nor an overbought position, this pattern implies a high momentum and predicts that the current trend will continue.
DOGE/USD 1-day price chart (Source:CoinMarketCap)The widened Bollinger Bands signify heightened market volatility in the DOGE market. The upper and lower bands contact at 0.06489 and 0.05606, respectively. This opinion is supported by the market’s movement toward the upper band, which points to a bullish run.
Bull Bear Power (BBP) has a reading of 0.00858 and is in the positive area. This suggests that the present market trend favors the bulls over the bears, and it might stay that way.
Given that all technical indicators are going north, the positive trend seen in the DOGE price analysis may continue in the near future.
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