Dogecoin price analysis shows an encouraging 4 percent increment from trade over the past 24 hours. Price lowered down to $0.116 yesterday, before making a move up to $0.135 today to consolidate above the $0.11 support. Despite the positive momentum, it remains to be seen if Dogecoin market has adequate impetus to breach the $0.16 resistance. DOGE price saw a low of $0.05 on the weekly chart before swiftly bouncing back to $0.07. Having fallen then from a high of $0.15, DOGE has seen upward momentum slowed down. Price picked up around 4 percent today, with trading volume falling more than 35 percent to $2.42 billion.
The larger cryptocurrency market continued to strengthen following yesterday’s overall uptrend, as Bitcoin consolidated above the $21,000 mark with a 3 percent rise. Ethereum also recorded a 2 percent increment, while leading Altcoins strengthened along the same lines. Ripple jumped 3 percent to $0.50, whereas Cardano increased by 4 percent to $0.43. Meanwhile, Solana and Polkadot enjoyed a 12 and 5 percent increment, each, rising up to $36.78 and $7.13, respectively.
Dogecoin price analysis: MACD provides encouraging buy signal on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen trading slightly horizontally in response to the decline on November 2. Over the past 7 days, however, DOGE price trend has been strong as it initially moved to a high of $0.15 and recaptured $0.12 support. At the current trend, Dogecoin trades above the 9 and 21-day moving averages, along with the 50-day exponential moving average (EMA) at $0.117 that provides a positive relief sign on the daily timeframe after initial rejection.
The 24-hour relative strength index (RSI) is settled in a severe overbought zone at 73.49 which would need to be corrected before an upward trend is to initiate. Trading volume over the past 24 hours reduced by 35 percent which suggests market inactivity over the current price action. Meanwhile, the moving average convergence divergence (MACD) curve provides a buy signal with a bullish northbound divergence that suggests buyers have an upper hand at trade over the current trend.
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