SNEAK PEEK

• Dogecoin price analysis shows a bullish market sentiment.
• DOGE is trading at $0.06423 up by 3.81 percent.
• Resistance and support levels stand at $0.06469 and 0.06091 respectively.

The latest Dogecoin price analysis reveals that the digital asset has been in an uptrend after a market recovery. DOGE/USD jumped from its low of $0.06091 to a high of $0.06469 over the past 24 hours, representing a gain of 3.81%. The bulls have been in control as the coin has maintained its bullish momentum since the start of the day.

The current trading price of Dogecoin is around $0.06423, and it appears to be well-supported by strong buying pressure. The immediate resistance lies at the mentioned high of $0.06469, while on the downside support levels are set at $0.06091 and $0.05905. A break above the immediate resistance could open up further upside potential for DOGE since the bulls appear to be in control of the market.

The market capitalization of Dogecoin is around $8.98 billion, while the 24-hour trading volume stands at $264 million. As of press time, the market cap has seen a rise of 3.83% whereas the trading volume has registered an increase of 72.85%. The rise in trading volume and market cap points towards an increasing investor interest in DOGE.

The overall crypto market sentiment appears to be positive as well, with Bitcoin making a retrace above $28k while Ethereum is also trading above the $1,800 mark and looks set to continue its bull run. In addition, the altcoins are also doing well, with many of them trading in the green and setting up for more upside potential.

Looking at the hourly chart, bearish signals are not very clear as the indicators show a strong uptrend in motion. If the bulls can maintain their momentum and push DOGE past the crucial resistance level of $0.06469, then it could open up more upside potential for Dogecoin in the near future.

Technical indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) show a bullish trend for DOGE. The MACD line has crossed above the signal line, indicating that buyers are in charge of the market momentum. The histogram is also in the green, suggesting that bulls are currently driving the price higher.

On the other hand, the Relative Strength Index is just below the overbought line, indicating that the buyers’ momentum is still strong and could take DOGE/USD even higher. Furthermore, the Money Flow Index (MFI) has climbed above the 70 mark, showing that the buying pressure is rising.

Overall, Dogecoin appears to be in a bullish trend and looks set to continue its uptrend in the near term. The strong buying pressure and positive market sentiment suggest that there may be more upside potential for DOGE if it can break past the resistance level of $0.06469.

The support level at $0.06091 should also be monitored closely to ensure that it does not get breached. If the buyers can hold their ground, then DOGE could be in for some more gains in the near future.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/dogecoin-doge-price-analysis-21-06/