Dogecoin price analysis: DOGE increases its value to $0.0726

dogecoin price Analysis from January 5, 2023 shows the meme cryptocurrency after an upward movement over the past 48 hours. The price rose from $0.0720 to $0.0749 on January 4, 2023. dogecoin gained a negative move today and significantly decreased in value. Today, the cryptocurrency is continuing a bearish move and is at $0.0726 at the time of writing.

Dogecoin price today is $0.072618 with a 24-hour trading volume of $1.15B, a market capitalization of $9.63B and a market dominance of 1.15%. The DOGE price increased by 0.54% in the last 24 hours. Dogecoin reached its highest price on May 8, 2021, when it was trading at its all-time high of $0.738595, while Dogecoin’s lowest price was recorded on May 7, 2015, when it was trading at its all-time low of $0, 00008547. The lowest price since its ATH was $0.049701 (cycle low). The highest DOGE price since the last cycle low was $0.156883 (cycle high). Dogecoin price prediction sentiment is currently bearish while the Fear & Greed Index shows 29 (fear).

DOGE/USD 1-Day Price Analysis: Recent Developments

dogecoin price The analysis seems to show that the market is following a positive move, with the market volatility entering a closing move, consequently tightening the market. This makes the price of the cryptocurrency less likely to experience volatile swings to either extreme. As a result, the high price of the cryptocurrency is $0.0726, while the opening price of the cryptocurrency is $0.0723. Conversely, the low price for DOGE is present at $0.0723, with a change of 0.42% and a closing price of $0.0725.

DOGE/USD appears to cross the moving average curve, indicating a bullish move. The price seems to be moving up towards the resistance band, trying to reverse the current trend. As the vols wind down, this could be in the bulls’ favour, as a breakout would explode the volatility providing more room for the bulls for further action.

DOGE/USD 1-day price chart Source: CoinCodex

Dogecoin price analysis reveals that the Relative Strength Index (RSI) is 41, indicating a stable number for DOGE, falling in the stable region. Also, the RSI score seems to move linearly, indicating a stable market and equal buying and selling activities, which means stability in the market.

Dogecoin price analysis for 7 days

Dogecoin price analysis shows that the market is following a downward movement, with its volatility increasing. Furthermore, the market appears to be moving to the open, indicating future bouts of volatility. This makes the DOGE price more prone to changes to either end in its current state. The DOGE price high exists at $0.0734, while the DOGE open price is present at $0.0734. In contrast, DOGE’s low price is $0.0723, with a 0.66% change and a closing price of $0.0726.

Dogecoin appears to be following a bearish move, with the DOGE/USD price crossing below the moving average curve. The move lower indicates a declining market for the meme cryptocurrency. The price tries to reach the support band soon. If they are found, the market will break and reverse the market dynamics.

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DOGE/USD 7-day price chart Source: CoinCodex

The Relative Strength Index (RSI) score is 45, signifying the stability of the meme cryptocurrency. Dogecoin falls into the stable region after a bullish move. The increase in the RSI score represents the dominance of buying activities and the movement towards more and more dynamics.

Dogecoin Price Analysis Conclusion

Dogecoin price analysis reveals that the cryptocurrency is on an upward move, showing potential towards the upside. However, the market shows a colossal reversal potential in the coming days as the price moves towards the resistance. If the bulls manage to use it to their advantage, they could gobble up the market and help push the Dogecoin price beyond expectations.