Dogecoin price analysis: DOGE/USD finds support at $0.08516 before entering new range

Dogecoin price analysis has remained slightly bullish today after closing at $0.08704 yesterday. It peaked at $0.8874 today before stabilizing around the $0.08783 mark. But what is next for dogecoin?

Well, the coin has recently faced high resistance at $0.09 and has found support at $0.08516 today. It can certainly retest 0.09 in the next 24 hours as the market is quite balanced right now and the sentiment seems positive.

The crypto heat map shows that the market is undergoing somewhat positive sentiments. Ethereum and Bitcoin both have marked some increases along with rest of the altcoins including Dogecoin.

The 1-day Dogecoin price analysis gives some positive indications. Firstly, there seem to be no rapid movements in the RSI. While the RSI levels are currently crossing 50 and the market is slightly overbought, the movement is not extreme enough for a correction to occur. Similarly, the MACD indicator is also showing the likelihood of an upcoming crossover, shifting the momentum towards the positive side.

Dogecoin 24-hour price movement

For a better understanding of how Dogecoin is performing recently, it is important to discuss its price movement in the last 24 hours. Dogecoin closed at $0.08732 exactly 24-hours ago and has since increased a little in the price. Overall, there has been an increase of 0.89% in Dogecoin’s market capitalization over the last 24 hours while the trading volume has reduced by 10.99 percent. Based on the current values, its 24-hour volume to market cap ratio is at 0.039.

4-hour Dogecoin price analysis: Dogecoin found strong support at $0.08516

Dogecoin price analysis on the 4-hour chart shows us that the price dipped to $0.08516 today and then found strong support at this point. After that, the price rebounded and reached its current level $0.08785, hence entering a new range. We can safely consider Dogecoin’s range to be between 0.09 and $0.08516 at this point.

However, based on the recent trend, a more accurate range would be between $0.088 and $0.87. While we can see some positive indications and balance in the market right now, a slightly amount of uncertainty is present. Still, there is a good chance for Dogecoin to retest $0.09 in another day or two.

Dogecoin price analysis: Conclusion

Overall, Dogecoin price analysis has been balanced today and there are some positive indications in the market. Currently, it is in a new range between $0.088 and $0.87 and might break past $0.088 in the next few hours, and possible retest $0.09 in a day or two. For more information about Dogecoin price movements, consider reading our Dogecoin price prediction.