Wed, May 22, 2024

Price in DOGE Market Soar 2.36%

Dogecoin

According to recent price research, the DOGE market will remain positive. Bulls in Dogecoin step in to stop the bear’s progress. Dogecoin (DOGE) has found support at $0.08568 during the past 24 hours.

Bears had recently taken over the Dogecoin market, but bulls intervened and reversed the downward trend, driving DOGE prices up by 2.36% to $0.08964 as of press time. The market capitalization increased by 1.66% due to this surge, while the 24-hour trading volume fell by 45.66% to $585,258,120. A bullish candlestick pattern is developing on the 1-hour price chart, sustaining the upward trend in DOGE prices. The swollen Bollinger Bands further support the claim, with the top band hitting 0.08996 and the bottom band touching 0.08529.

What to Expect?

The Know Sure Thing indicator produces a bullish turnaround with a value of 11.7041 pointing north as it crosses the signal line in positive territory. We can see the bullish dominance of the DOGE market on the 1-hour price chart as the blue MACD is moving above the signal line and the MACD reading 0.00062 in positive territory.

The DOGE market should experience bullish predominance as soon as the short-term MA crosses over the long-term MA, known as a bullish traversal. This idea is supported by the fact that the 5-day MA is at 0.08883, and the 20-day MA is at 0.08759. The price is moving above both MAs, which suggests that the bull run will likely continue in the foreseeable future.

Investors, however, are concerned about the Stoch RSI reading of 94.47 since it is in the overbought area and suggests that the current trend is about to stop. This does not imply that prices will automatically fall, though. Bulls must increase their pricing pressure to maintain the current trend in the DOGE market.

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