Dogecoin Price Analysis: Dogecoin gains 6% on the daily chart

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TL;DR Breakdown

  • Dogecoin has gained more than 6 percent on the 24-hour chart
  • At the time of writing, Dogecoin is trading at $0.3350. 
  • The daily high lies at $0.3546, while the daily low lies at $0.3201

Dogecoin Price Analysis: General price overview

Dogecoin has gained more than 6 percent on the 24-hour chart. The coin is attempting to break above the 20-day exponential moving average (EMA) at $.0.36. This comes after the coin broke below the lower limits of its head and shoulder pattern on Monday. Meanwhile, the current trading zone is crucial for the bulls, given slight weaknesses might result in a pullback to the next bottom support. On the 1-hour chart, there is what appears like a symmetrical triangle nearing the price action’s confluence zone — indicating chances of a breakout in the near term. 

Generally, the altcoin is trading below its all-time high of $0.7512. During press time, DOGE has recorded a market capitalization of $43, placing at number six among the top ten leading cryptocurrencies by market cap.  

The coin’s next trendline is likely to be activated if the coin breaks from the base of the descending channel on the 1-hour chart. This will cause an upswing towards the 50-day simple moving average at $0.39. Above this moving average lies strong support to sustain further upward momentum. After that, however, the bears could attempt to pull the price of the meme coin below $0.33 and campaign for further declines towards $0.21 and $0.10. 

Dogecoin price movement in the last 24-hours: Dropping EMA

Dogecoin opened the 24-hour chart at a price of $0.34. There seem to be weak bearish momentum signs suggested by the relative strength index and a falling 20-day EMA. If this Momentum gains strength with increasing sellers, it could invalidate the short-term bullish outlook and prevent any further movement towards the 50-day SMA. 

Dogecoin
(Source: TradingView)

Well, the coin is trading within a narrow range with a difference of only two points. The daily high lies at $0.3546, while the daily low lies at $0.3201. This daily range is an indication of moderate volatility across Doge’s daily trading charting. 

Dogecoin 4-hour price movement: Can buyers activate rally to $0.47?

If buyers can manage to sustain an upward momentum to the 20-day exponential moving average at $0.36, the DOGE/USD pair could surge towards the overhead resistance lying at $0.39. A breakout and price close above the resistance will welcome a bullish rally to $0.47.

At the time of writing, Dogecoin is trading at $0.3350. The coin’s price action is lying within a trough with support line at $0.3320. Meanwhile, the DOGE/USD pair is on a recovery path after a falling wedge pulled it to $0.3410 on the 4-hour trading chart. 

Dogecoin Price Analysis: Dogecoin gains 6% on the daily chart 1
(Source: TradingView)

Dogecoin price analysis conclusion: $2.3M in BTC recovered from hackers

Two important pieces of news have driven Dogecoin price action in the recent session—seizure of millions of dollars in cryptocurrency ransom from the Colonial Pipeline Company. The seizure collected over 63 Bitcoins, with a valuation of $2.3 million. The other news is the approval of Bitcoin as legal tender in El Salvador, a country with no legal tender of itself.