Today’s Dogecoin price analysis is bullish. The cryptocurrency hit an intraday high of $0.70 but is currently trading at $0.691. For the 4-hour period, DOGE/USD is forming a bullish pennant pattern, indicating an upward break in the near term.
On the upside, support lies at $0.65. Dogecoin price is currently trading at $0.6911 having hit an intraday high of $0.70. The cryptocurrency is trading above the $0.65 support level and the 100 simple moving average. DOGE/USD is poised for a bullish pennant breakout. The next resistance levels to watch out for are $0.72 and $0.75. Dogecoin price is currently trading at $0.69 having hit an intraday high of $0.70.
Dogecoin Price Movement in Last 24 Hours: DOGE price is up 5 percent from daily timeframe
In the last 24 hours, Dogecoin price has been trading in a range between $0.65 and $0.70. The cryptocurrency is currently trading near the $0.70 resistance level and looks like it will soon surge higher.
DOGE/USD 4-hour chart: recent price action
Looking at the 4 hours chart of Dogecoin price analysis, we can see that DOGE/USD has formed a bearish head and shoulders pattern. The cryptocurrency is trading at the pattern’s neckline and looks like it’s about to go down soon.
Dogecoin price action has been in an uptrend lately, as the slide from $0.063 that started this week is slowly gaining momentum. After registering a new local bottom around $0.068, DOGE/USD started to fall again.
As of writing, DOGE/USD is changing hands at $0.069 after moving slightly lower today. The move comes as buyers start to watch for a possible break of the descending channel that has been holding back price action since early April.
Bulls have so far failed to muster enough strength to push Dogecoin price above its 200-day simple moving average (SMA), which currently sits at $0.071. A break and close above this key level could initiate a more significant rally. Conversely, a move below $0.068 could stimulate further selling which would take the price back to April lows.
Dogecoin Price Analysis: Conclusion
Dogecoin price analysis is bullish today as the cryptocurrency hit an intraday high of $0.70. DOGE/USD is currently trading at $0.691 and looks like it may be going up soon. The next resistance levels to watch out for are $0.72 and $0.75.