The price analysis for Dogecoin for March 25 shows the current DOGE/USD value is priced at $0.134, with a 3.23% decrease over the past 24 hours.
Trade volume for the meme Cryptocurrency prices has significantly slumped over the past day, suggesting that profit accumulation is taking place at the current price level. The ratio of trade volume to market capitalization is 0.07696.
Bearish Pressure Continue to Hover
Regardless of the profit accumulation taking place on the previous day, the price action in the market points to a strong bullish trend. The meme token is trading above the 20,50 SMA, as shown in the 4-hour chart.
Additionally, the 20 SMA has crossed over to the 200 SMA, whose line is pink alongside the 50 SMA, and is expected to follow suit as soon as the threshold is reached.
The above move is expected to be followed by a golden cross, which indicates a boost for the bulls to make an immediate impact. On average, the bulls’ movement would culminate in the upward price swing of the meme-themed cryptocurrency.
Should the selling continue to take place, the price of the DOGE would fall further to the $0.121 support zone. The bulls at this stage are looking for rebound support and the meme coin to move towards the next resistance level at $0.148.
Interestingly, the bears appear whenever there is movement below the green light. Within touching distance of the pink line, any further bullish move would be invalidated by the strength of the bears at this stage.
Hence, to make any breakthrough, bulls have to avoid the lines from going in between the pink lines, as doing this would further weaken the resolve of the price to rise and consolidate in a subsequent action.
The current price action for Dogecoin is an indication that the bulls are still in the mix, which further lends credence to the bullish bias and the expanding MACD moving average of the trading session.
The more the bulls push toward the green lines, the more the MACD expands and the faster the price rises and consolidates.
The green lines are continuously upward, suggesting a rising value, while the MACD line gets into the positive zone. The Relative Strength Index (RSI) is trading at 59.62 as it is primed to jump into the oversubscribed zone.
Maintaining the momentum of this change means that the bulls should be active enough to wade off any bearish tendency to take over the market, and analysts are confident that the current bullish trend is not a flash in the pan.
Notwithstanding the profit booking that took place earlier, Dogecoin is set for further consolidation as it prepares for the next move in the price chart. All the indicators and subsequent price actions point to the same sentiments and are in favor of the bulls.
Dogecoin can expect the bulls to move further as prices consolidate from the above analysis.