- Dogecoin price analysis is bullish today.
- The DOGE/USD market has been very volatile in the last two days.
- The overall crypto market shows indecisiveness.
- An increase in the price is expected over the next few hours.
- Possibly a good time for a short-term investment.
Earlier in October, the Dogecoin price started to fall after it reached a $0.228 high to a new low. Yesterday, the market was quite bearish as the bears overcame the momentum that bulls are trying to retain. This resulted in DOGE/USD breaking lower than the support of $0.23. However, today the bulls seem to have finally managed to regain control.
Looking at the cryptocurrency heat map, the market has mixed sentiments today. The indecisiveness is apparent from the fact that Ethereum and Bitcoin have marked some increase. But on the other hand, most altcoins are showing a bearish tendency.
The RSI line on the 1-Day Dogecoin price analysis graph gives us a clearer picture of the newfound balance. Currently, this line is on the 47.93 mark. Furthermore, the gradient of the line is nearly zero, as in, the market is fully balanced. Although, the candlestick for today is slightly green, which means that the bulls have just taken a slight edge over the bears.
24-hours Dogecoin price analysis
After a rapid fall yesterday, the Dogecoin market manage to retrace back to $0.2384, which was short-lived. Yet once again, the bulls gave into the pressure of the bears and the price fell lower to $0.2260, hence establishing a new support level. Currently, DOGE/USD trades at $0.2300, which is still low as compared to yesterday.
Fortunately, the RSI line on the 1-hour Dogecoin price analysis chart gives us a positive indication. Currently, the line is on the 39.26 mark, which suggests that the market is slightly oversold. However, that is set to improve as the gradient of this line is steeply positive.
So, the bulls might just be preparing for another possible bull run. Given the volatility that the DOGE/USD has depicted over the last two days, a rapid retrace is very much possible.
Dogecoin price analysis 4-hour chart: Can DOGE/USD retrace the fall?
Even in the 4-hour Dogecoin price analysis chart, we see a somewhat similar pattern. Firstly, the RSI line has a positive slope, hence signaling an incoming improvement. The MACD analysis does not give a positive indication other than the slight decrease in the histograms in red.
Based on the 4-hour price analysis chart, we can predict that the next few hours for DOGE/USD are going to be predominantly bullish. Of course, the coin is not at its lowest right now. However, the bulls have not given up either and are actively trying to push higher.
Dogecoin Price Analysis: Conclusion
Since the market is something balanced for now and the bulls have taken control, the price is expected to increase. The RSI line gives us the same indication as well. So, for anyone looking for some short-term profits, this might be the right time to make an investment.
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