Dogecoin [DOGE] Takes Elevator with Bull as Prices Begin Capitulating

As greener pastures abound in the world of digital assets, more users have begun to test their luck. Over the past week, the cryptocurrency market witnessed a flux of new investments, which in turn triggered bull runs. The massively popular Dogecoin also enjoyed its share of the climb by rising by over 34 percent. 

After hitting all-time highs and becoming Elon Musk’s center of attention earlier this year, Dogecoin’s price fell back into a lull. The cryptocurrency was trading for $0.275 with a total market cap of $35.3 billion. A 3 percent price increase had elevated Dogecoin’s trading volume to $5.03 billion. 

Dogecoin 1 hour:

With Dogecoin’s support holding below the $0.24 mark, the cryptocurrency only has to watch out for it on the way down. A majority of the indicators pointed to a price capitulation after the previous week’s rally. 

Dogecoin’s upper and lower Bollinger bands moved parallel to each other as the price pattern became interspersed with reds and greens. Even the RSI steadied itself in the middle of the graph indicating a balance between the buyers and sellers. 

The MACD line and the signal line dipped after a bearish crossover on August 1. 

Dogecoin 1 day: 

Long-term charts showed a cryptocurrency steadily lifting its support steadily. With the value at $0.17, Dogecoin users would hope that the addition of capital would trigger a spark. 

The daily RSI was a friend of the bull as the graph touched the overbought threshold for the first time since the start of May. Bollinger bands diverged strongly from one another as a price cloud began to form. 

Dogecoin’s daily MACD charts moved upwards in tandem as the histogram displayed 23 consecutive green candles.