Dogecoin, on an 8-hourly chart, is drawing a subtle uptrend and has breached a 7-week long resistance as the price rose above $0.0022. The 20-day Bollinger Bands laid are seen widening, which projects about the unprecedented volatility in the upcoming days.
Dogecoin Price Analysis
In the above chart, Dogecoin has extended its uptrend against the US Dollar after hitting below $0.00120 where it tested the yearly lows after experiencing a bull run in February 2020, due to lack of momentum and support. Moreover, the currency has seen a steep growth on the cumulative chart over the past week, which helped it to retain gradual support from 200-day MA. The 20-day Bollinger Bands are projecting a wave of volatility, yet we believe a steep rise can be possible as the trend is a break above the upper BB.
Whereas on the intraday chart, we already see a hit of volatility, and Dogecoin’s price has slid below $0.00230 twice as it couldn’t hold a persistent trade above $0.0024. However, today DOGE opened with a bearish candlestick trend, and the price corrected below $0.0023 for the 2nd time in the past 24 hours. The losses were undoubtedly combated as the coin again spiked above $0.00230.
The MACD of Dogecoin also appears bullish due to intraday correction after the price rose above $0.00230 and retains steady support on the 8-hourly chart. Similarly, the RSI of the coin is at 56.41 and is noticeably inclined towards the overbought region.
