Dogecoin Price Analysis Bullish winds blows as the prices set to break past the $0.075

Today’s Dogecoin price analysis is bullish. The DOGE/USD pair found support at $0.0507 as expected in yesterday’s analysis. This is a positive development indicating that the bulls are still in control of the market. A break of the immediate resistance at $0.0587 will open an uptrend to $0.0617. On the other hand, if the price fails to move above $0.0587, it means the downside is still there and a possible return to $0.0507.

On Dogecoin’s 4-hour price analysis chart, you can see that the gains pushed the price above the 25 simple moving averages. They also tried to move above the 50 SMA but still to no avail. This indicates that there is little bearish pressure in the market. A break below the 50 SMA would signal a return to the 25 SMA. DOGE is currently trading at $0.0545 after quickly reversing its early rally to $0.0587.

Dogecoin Price Action In Last 24 Hours: Can Dogecoin Stop Climbing?

The DOGE/USD bulls were in control yesterday as they pushed the price from an intraday low of $0.0507 to a high of $0.0587. However, they failed to contain the gains and the price quickly reversed course. The bears pulled the price back below the 25 Simple Moving Average and tested the 50 SMA. The bulls held this level but failed to move higher. DOGE is currently trading at $545 after quickly reversing its early rally to $0.0587. Dogecoin bulls will expect the price to move above its 50 SMA and continue the uptrend.

DOGE/USD 4-hour chart: recent price action

Looking at Dogecoin’s 4-hour price analysis chart, we can see that the bullish run has been rejected again over the last few hours, suggesting more overnight losses are imminent. DOGE/USD is expected to drop below $0.065 and rally much higher later in the week.

Dogecoin’s price action over the past seven days has been very bullish, moving from lows around $0.04 to highs of $0.078. The upside has run into some trouble this week as the market faced resistance at $0.08 and price action has since retreated back to key support at $0.065. The near-term outlook for DOGE is temporarily bullish above the $0.065 level with a possible return to $0.08 in the coming days. A break below $0.065 could see DOGE/USD retrace all gains recorded this week, with a move towards $0.04 possible if the $0.055 support breaks.

Dogecoin Price Analysis: Conclusion

Today’s analysis of Dogecoin price is bearish as bulls fail to sustain gains above $0.05. A retracement below $0.045 is possible in the near term if the bears gather sufficient strength.