Analysis: Dogecoin price above $ 0.17, seems to want to rise further

The Dogecoin price has had a nice few days, and perhaps more are on the way. In addition to regaining a key price level, the coin is now making higher highs and higher lows; the formula for a further upward trend. Let’s look at the graphs.

Banner Dogecoin 1

How is DOGE doing?

We’ll start this analysis with a look at the daily chart. Here we get a nice picture of the recent price action and the key price levels for DOGE. These are indicated below by a blue zone, a red zone, and a blue line.

We can actually leave the blue zone for what it is for now. This price level of about $0.10 has been very important in the past, but at the moment the price is too far away from this to be useful in this analysis. Still, it is good to have this level clear in advance, if the price ever finds its way back.

The red zone is of more importance. This price level is around $0.125 and is currently the strongest support for Dogecoin. This can be seen in the strong reactions the price gave at this level when it got here. It is therefore likely that, if DOGE falls to this level, a change in price will take place.

However, at this point it seems very unlikely that such a situation will occur. Not that the zone is suddenly no longer strong, but Doge is in an upward trend. A sharp decline therefore seems very unlikely. The coin has made a higher low on the daily chart (as seen by the orange arc) and recently also made a higher high.

The upward trend

To analyze this better, let’s also take a look at the 4-hour chart. Here each candle represents 4 hours, which gives us a better idea of ​​the price change in recent days. Also, the blue line, which originates from a previous high point, becomes clearer here.

As you can see, the coin has broken through this blue line, creating a higher high. As a result, we can now say with certainty that DOGE is in an upward trend – in the long and short term.

The coin could make a higher low that drops back a bit, but it wouldn’t be surprising if it were printed on the blue line. Until DOGE trades off its uptrend (by making a lower high or low) the coin appears to want to move higher. It is therefore good to continue to keep an eye on these levels and the trend, regardless of the very positive signals.

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