Price Analysis

Dogecoin (DOGE) Trades Above $0.00230 and is Exposed to Intraday Volatility

  • Dogecoin, at the time of penning down this analysis, was trading at $0.00234 after dropping from an intraday high $0.00240
  • DOGE/USD gets a hit of intraday volatility, and it drooled from $0.00243 around the current trading zone
  • On the intraday basis, the coin has been in the trading range of $0.00228 to $0.00243, with steady support at $0.0023 followed by $0.00228
  • On the 8-hourly chart, the coin has retained support from 50-day and 200-day MA and is hitting above 20-day Bollinger Bands

Dogecoin, on an 8-hourly chart, is drawing a subtle uptrend and has breached a 7-week long resistance as the price rose above $0.0022. The 20-day Bollinger Bands laid are seen widening, which projects about the unprecedented volatility in the upcoming days.

Dogecoin Price Analysis

Dogecoin News
DOGE/USD Chart By TradingView

In the above chart, Dogecoin has extended its uptrend against the US Dollar after hitting below $0.00120 where it tested the yearly lows after experiencing a bull run in February 2020, due to lack of momentum and support. Moreover, the currency has seen a steep growth on the cumulative chart over the past week, which helped it to retain gradual support from 200-day MA. The 20-day Bollinger Bands are projecting a wave of volatility, yet we believe a steep rise can be possible as the trend is a break above the upper BB.

DOGE News

Whereas on the intraday chart, we already see a hit of volatility, and Dogecoin’s price has slid below $0.00230 twice as it couldn’t hold a persistent trade above $0.0024. However, today DOGE opened with a bearish candlestick trend, and the price corrected below $0.0023 for the 2nd time in the past 24 hours. The losses were undoubtedly combated as the coin again spiked above $0.00230.

The MACD of Dogecoin also appears bullish due to intraday correction after the price rose above $0.00230 and retains steady support on the 8-hourly chart. Similarly, the RSI of the coin is at 56.41 and is noticeably inclined towards the overbought region.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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