The price analysis for Dogecoin for March 18 shows the market is entering a bullish period coupled with a significant chance of price increase in the coming days.
As of March 16, the price of the meme cryptocurrency was $0.1171, followed by a sudden rise in value that followed the recovery period. Possible resistance is currently set at $0.1352, and any bullish market action is likely to breach the price action for the next couple of days.
Furthermore, the $0.1104 support level would play a considerable part if the market reversed. The current trading session has shown Dogecoin to be in a positive investment state.
Updates On The 4-Hour Price Review
The past 24 hours have seen the DOGE price rise by more than 14% and, at present, trades at $0.1277. Analyzing the chart further shows the price of Dogecoin forming a downward slope; this indicates that the price has pulled out of the zone, pointing to a bullish trend.
DOGE/USD 4-hour price chart, Source: TradingView
The Relative Strength Index stands at 61, pushing the assets into the over-subscription zone. A closer look at the RSI shows that it is moving up, pointing to the possibility of the market becoming volatile in some days to come.
DOGE Moving Upward
The present price analysis shows an increase in the market trend coupled with the resistance and support zones moving in different directions. The negative action coming out of this is that the meme cryptocurrency will continue in its volatile state.
The Bollinger band has its upper level set at $0.1352, the point where the price of the DOGE is expected to start going upward. In this case, at $0.1104, the lower point is expected to be the support in a price crash.
However, the volatility percentage for Dogecoin daily is 2.4%, which, according to experts, is high in contrast to other cryptocurrencies. The suggestion is that the DOGE may likely experience some price swings for some time.
Making a price forecast for the meme Dogecoin is not a walk in the park; analysts believe that the periodic downswing and upswing in the price of Dogecoin makes it difficult to make the right call.
Moreover, in a situation where the downward trend more often occurs than the upward trend, making a definite conclusion is like looking for a needle in a haystack.
In conclusion, the above price analysis shows the ongoing volatility of the market’s DOGE over time and the inconsistencies in which price recovery is experienced.
The ups and downs in the value of Dogecoin are not strong enough to spark a price rebound. More steady price equilibrium is required to make any forecast accurate.
Nonetheless, the first meme token has the prospect of a price rebound in the future. But investors should study the market carefully and analyze the RSI as well as the MACD as they are the critical features that could give a clue on price appreciation or fluctuation.
