HomeAltcoinsDogecoin price analysis: DOGE moves in bullish direction at $0.0597

Dogecoin price analysis: DOGE moves in bullish direction at $0.0597

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Dogecoin price analysis for October 23, 2022, shows the meme cryptocurrency following a positive movement for the last 48 hours. The price spiked from $0.0574 to $0.0598 on October 22, 2021. Dogecoin gained a positive movement the next day and significantly increased its value. Today the cryptocurrency continues a bullish movement and is at $0.0597 at the time of writing.

Dogecoin has been up 0.42% in the last 24 hours with a trading volume of $160,080,871 and a live market cap of $7,923,086,547, and DOGE currently ranks at #10. However, the cryptocurrency shows potential for a reversal as the recent price analysis indicates the DOGE cost is moving toward the resistance.

DOGE/USD 4-hour price analysis: Recent developments

Dogecoin price analysis seems to show the market following a positive movement, with the market’s volatility entering a closing movement, consequently declining the volatility of the market. This makes the price of the cryptocurrency less prone to experience volatile change on either extreme. As a result, Bollinger’s band upper limit is present at $0.0601, representing the strongest resistance for DOGE. Conversely, the lower limit of Bollinger’s band is present at $0.0585, representing the strongest support for the meme cryptocurrency.

The DOGE/USD appears to cross over the curve of the Moving Average, indicating a bullish movement. The price seems to move upwards towards the resistance, attempting to break it. As the volatility happens to close, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.

Dogecoin price analysis: DOGE moves in bullish direction at $0.0597
DOGE/USD 4-hour price chart Source: TradingView

Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 54, indicating a stable value for DOGE, falling in the upper neutral region. In addition, the RSI score appears to move upward, indicating an increasing market and dominance of buying activities.

Dogecoin price analysis for 24 hours

Dogecoin price analysis shows the market to be following an increasing movement, with its volatility on the down low. In addition, the market appears to be undergoing a squeezing movement, indicating future volatility bursts. This makes the DOGE price less prone to undergo change on either extreme. The upper limit of Bollinger’s band exists at $0.0647, serving as the strongest resistance of DOGE. Conversely, the lower limit of Bollinger’s band is at $0.0564, representing the strongest support for DOGE.

Dogecoin appears to follow a bullish movement, with the DOGE/USD price crossing over the curve of the Moving Average. The downward movement indicates an inclining market for DOGE. The price attempts to meet the resistance in a day or two. If they happen to meet, the market will break and reverse the market dynamic.

Dogecoin price analysis: DOGE moves in bullish direction at $0.0597
DOGE/USD 1-day price chart Source: TradingView

The Relative Strength Index (RSI) score is 47, signifying the stability of the cryptocurrency. Dogecoin falls in the central-neutral region, following a slight upwards movement. The increment in the RSI score represents the dominance of the buying activity and movement toward stability.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals the cryptocurrency following a bullish movement, showing further bullish potential. However, the market shows colossal potential for a reversal in the coming days. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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