Price Analysis

Dogecoin Instigates Bull Run as 50-day MA Crosses Above 200-day MA

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  • Dogecoin (DOGE), at the time of writing this analysis, was manifesting intraday positive corrections as it was trading at $0.00274 after mounting at $0.00297 just today
  • The coin takes a bullish divergence after rising from the bottom marked at $0.00255
  • DOGE/USD exhibits moderate volatility as per the 20-day Bollinger Bands laid
  • However, the coin trades in the midway as it rises above the weekly bottom and faces correction below the weekly high due to volatility
  • Impressively, Dogecoin maintains an independent movement and is on a continuous rising spree and has even exhibited a double top at $0.0025 over the fortnight

Bitcoin trades above $10,000 after facing rejection for 4 days below $10,500 and $10,000 just to consolidate and test supports around $9,600 and $9,700. Dogecoin is believed to have a concurrent motion with BTC, but just when Bitcoin was trading $9,200, DOGE price had hit a fresh 30-day high at $0.0028. Revising the same, the latter is hitting new highs as the positive intraday move has taken the coin to breach $0.0029, just a few hours back.

Dogecoin Price Analysis

Dogecoin Price News
DOGE/USD Chart by TradingView

After knowing the impressive independent move of Dogecoin price since the start of the year until the press time, we see the rising momentum continuing and as the coin hits a fresh high at $0.0029. The recent pullback is anticipated due to moderate volatility that is confirmed by the 20-day Bollinger Bands. However, today the coin seemed to have aligned with the market momentum as the MACD of DOGE exhibits a bullish divergence over the signal line. The 50-day MA moves above the 200-day MA as the latter provides support at $0.00255.

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Dogecoin Price
DOGE/USD Chart by TradingView

Now, believing whether the coin holds an independent momentum or is subject to move as per Bitcoin, we see the above daily chart of Dogecoin and BTC against USD. The “golden crossover” that owes the present bullish divergence seems to have happened for Dogecoin and is approaching for BTC/USD. Also, just when DOGE price was seen, ranging at $0.0035 BTC price was around $10,200, after which it faced rejection at $10,500. Therefore, the former is believed to grow as the bullish crossover has happened and is likely to set a fresh 90-day high.

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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