Bullish Reversal Apparent  in DOGE Market as Price Soar by 2.36%

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• Recent price analysis predicts that the DOGE market will continue to be bullish.
• Dogecoin bulls intervene, halting bear momentum.
• In the last 24 hours, Dogecoin (DOGE) has found support at $0.08568.

Bears had recently captured the Dogecoin market, but bulls meddled and abrogated the negative trend, pushing DOGE prices up by 2.36% to $0.08964 as of press time.

Regarding this spurt, the market capitalization elevated by 1.66%, but the 24-hour trading volume declined by 45.66% to $585,258,120.

DOGE/USD 24-hour price chart (Source: CoinMarketCap)

On the 1-hour price chart, a bullish candlestick pattern is forming, supporting the bullish momentum on DOGE prices. The bulging Bollinger Bands, with the upper band touching 0.08996 and the lower band touching 0.08529, also support the assertion.

With a reading of 11.7041 and referring north, the Know Sure Thing indicator renders a bullish turnaround as it surpasses the signal line in positive territory.

On the 1-hour price chart, blue MACD movement above the signal line indicates bullish preeminence on the DOGE market, with the MACD in positive territory with a reading of 0.00062.

DOGE/USD 1-hour price chart (Source: CoinMarketCap)

Bullish hegemony on the DOGE market is foreseeable as the short-term MA crosses above the long-term MA, marking a bullish traversal. The 5-day MA is at 0.08883, while the 20-day MA is at 0.08759, lending support to this notion. Price movement above both MAs also gives credence to this notion, implying that the bull run will continue in the near term.

The Stoch RSI reading of 94.47, on the other hand, concerns investors because it is in the overbought region, implying that the current trend is nearing its end. However, this does not necessarily mean that prices will revert lower.

DOGE/USD 1-hour price chart (Source: CoinMarketCap)

Bulls must augment their pricing pressure in order to sustain the recent trend in the DOGE market.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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