Dogecoin (DOGE), the widely used cryptocurrency based on memes, is getting better, even though the market as a whole is not. People who trade and buy DOGE are very interested in how it plans to make up for lost ground after its quick rise caught them off guard. The primary issue right now is still whether prices will stay high or start going down again soon.
A lot of things, such as how the market reacts to news events, changes in how buyers feel, and technical signs that the market is too low, could be making Dogecoin try to rise again. There are a lot of eyes on Dogecoin to see if it can keep going up and maybe even stop going down.
DOGE is worth more than $20 billion on the market right now, and it moves for more than $715 million every 24 hours. The coin is now worth about $0.14297, which is 1.33 percent more than it was. On the other hand, market value has dropped by 0.73% and trade volume has dropped by 43.92%.
DOGE’s Technical Indicators Analysis
There are positive candlesticks on the 4-hour chart, which means the price is going up, even though Dogecoin is trading below the 100-day Simple Moving Average (SMA). The combined trend oscillator’s signal line has also moved above the SMA and is getting close to the zero line, which means that the price might go up.
On the 1-day chart, DOGE is also trying to go up. It has made a positive candlestick while selling below the 1-day SMA. This could mean that the price is going to go up, but there is still a chance that it will go down too.
There is a change in the signal line and SMA of the composite trend oscillator. They are now moving toward the zero line on the 1-day chart. This backs up the thought that the price could decrease later on.
The price of DOGE could get close to $0.14911 if it keeps going up. If Dogecoin goes above this level, it might go toward the support at $0.16490. However, if the price of DOGE fails to break above $0.14911, it could fall to the support level of $0.1358. It could fall even more, to $0.12014 or even lower, if the falling trend keeps going.
