Dogecoin (DOGE), the meme token for common people, has been quite bullish throughout the year. With the support of Elon Musk, the token made a number of millionaires. For today, the DOGE/USDT price action has encountered resistance at $0.2746.
According to the data presented by CoinmarketCap, the price of DOGE/USDT reached a low of $0.2602 in the last 24-hours, with a high of $0.2743. The trading volume of the token dropped by 47.52% and is currently at $2.6 billion.
The market capitalization of Dogecoin rose by 2.09%, as the token is down by 63.57% from its all-time high at $0.7. The daily high of the coin for today stands at $0.2743.
DOGE price analysis on the daily chart using technical indicators
The DOGE/USDT’s nearest price support is present at $0.2460 which currently holds with another major support sitting at $0.2313.
Furthermore, the Dogecoin price analysis suggests that the price action broke out from the upper end of the Bollinger Bands for a moment on the daily chart but was unable to maintain the price region, dropping by 3.8% yesterday.
The 50-day and 100-day Moving Averages are currently resting below the price action, indicating that the buying pressure will keep the price action above these lines.
Comparing the price action on the RSI indicator, the price of the token is entering the bullish region, above the 60-level. If this continues, the coin will enter the overbought region.
Furthermore, the MACD indicator portrays a bullish scenario as the MACD line is traversing above the signal line, i.e., the buyers are defeating the sellers on the daily chart.
Final Verdict
The final verdict for the token indicates that the prices will continue to rise once the token breaks the current resistance. Since the current support is holding, we might test it once again, followed by a bullish reversal.