DOGE’s Price Drop May See a Slight Pushback Before a Mini Rally

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• DOGE’s price has dropped 1.07% over the last 24 hours.
• The meme token’s price has strengthened against BTC and ETH.
• DOGE will enter into a mini rally if its price is able to remain above the hourly 9 and 20 EMA lines.

The price of Dogecoin (DOGE) is trading at $0.08179 following a 1.07% drop in price over the last 24 hours, according to CoinMarketCap. After reaching a daily high at around $0.08295, the meme token’s price dropped to its current level. Its daily low sits at $0.08076.

Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), the price of DOGE has strengthened against both. At press time, the price of DOGE has strengthened against BTC by 0.52% and against ETH by 0.91%.

Hourly chart for ETH/USDT (Source: CoinMarketCap)

DOGE’s hourly chart looked bearish at the start of today, but has since recovered to now look bullish. This is after DOGE’s price dropped below the 9 and 20 EMA lines on DOGE’s hourly chart. The break below the two lines was short-lived as bulls stepped in this last hour to bring the meme token’s price back above the two EMAs.

Two technical indicators that have flagged bullish for DOGE are the hourly RSI indicator and the hourly 9 and 20 EMA lines. Currently, the hourly RSI lines crossed bullishly above the RSI SMA line and is also sloped positively towards overbought territory.

The 9 EMA line has crossed bullishly above the 20 EMA line on DOGE’s hourly chart, which could be an early sign of a bullish trend reversal. Should the bullish thesis play out, then the price of DOGE will likely target $0.08262. A successful challenge of this level will then set the next target at $0.08362.

Whether or not the bullish thesis will play out will depend on if DOGE’s price is able to maintain a position above the hourly 9 and 20 EMA lines over the next 4-6 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own 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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