Dogecoin (DOGE) price has increased by 12% today due to the overall positive momentum in the crypto market, attracting analysts’ interest.
Market and DOGE Price
As of writing, DOGE price is at $0.1905, with market capitalization rising by 5% to $28.4 billion. The rally began after the Fed announced it would keep interest rates unchanged. In recent months, DOGE formed a falling wedge pattern, which was broken by today's price increase.
Technical Indicator Analysis
The MACD indicator has flipped positive on the 4-hour chart. The MACD line crossed above the signal line, confirming the upward trend. The Relative Strength Index (RSI) is currently at around 62, indicating that bulls have taken over the market, although there is a risk of short-term pullbacks. The Bollinger Bands show that DOGE has broken above the upper band, which sometimes warns of prices climbing too quickly.
Future Prospects and Predictions
DOGE is gaining attention due to new applications for exchange-traded products by firms like 21Shares and Osprey Funds. Crypto analyst Ali Martinez pointed out the possibility of further growth to $0.30, provided the price dips to $0.14 first.
In conclusion, the rise in Dogecoin's price amid overall optimism in the crypto market and positive signals from technical indicators may indicate further volatility and opportunities for traders.
