Price Analysis

Dogecoin Price Analysis: DOGE Price Might Hit $0.08 in Next 48 Hours If Bulls Remain Intact

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 8, 2022

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The broader market trend seeing a decent uptrend today after a week of volatile movement. Bitcoin Successfully Hit $22k during early Asian trading hours and is currently hovering within that region. Major altcoins are also showing decent gains with Ethereum Price trading at $1,251.49. The meme coins managed to remain in the green after a major correction. 

DOGE Price is showing signs of recovery after a massive sell-off during June end. DOGE/USDT price reached a higher high at the $0.07 level.

The Bollinger bands are close to each other which indicates low volatility in the market currently and the price is range bound between $0.66 to $0.76.The moving averages are also close to each other which is a further confirmation of low market volatility and consolidation. The RSI indicator is at 51.45 hence indicating close to the overbought region.

The candles are also trading close to the upper Bollinger an indication that the prices may come down in the short term. The MACD is also close to the zero line and may have a bearish crossover in the short term.

If the prices break out of the upper Bollinger band of $0.76, we can expect the prices to head towards $0.80 levels in the short term. If the prices break below the support of $0.66, we may see the prices head towards $0.60 levels in the short term.

The Dogecoin market has low volatility and is currently range-bound. The RSI indicator is also in neutral territory which further confirms the consolidation in the market. There is no clear trend in the market currently and it might remain range-bound for some time.

Overall we can expect the meme coin to test the next resistance at the $0.073 level and rally higher. In this case, traders can expect another correction that sets a higher local low this setup could trigger more upside for DOGE price. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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