Dogecoin has seen positive movement in the last 48 hours. On October 22, the popular meme coins price jumped from $0.0574 to $0.0598. It recorded positive movement the following day too and significantly increased its value.
Dogecoin has seen its trading value surge over 200% in the past week, and more than 70% within the past 24 hours. At the time of writing this article, DOGE was trading at $0.0595, down 0.07% in the last 24 hours. Data shows that Dogechain’s price jumped as high as $0.00176 on Sunday, seeing a 228% gain over seven days. This price point was last observed on September 12.
Analysts believe the DOGE price hike is notable as the meme coin had lost 90% of its value since its all-time high at August-end; it declined steadily over the last two months from $0.004 to $0.0004. With the crypto market’s volatility entering a closing movement, the Dogecoin price shows there is a positive movement. The meme coin is less prone to experience volatility change. As such, Bollinger’s band is at $0.0585, representing the strongest support for Dogecoin. There is a bullish movement, an upward trend towards the resistance, and a possible break out is likely. If volatility closes, it could be in favor of the bulls. Analysts believe the breakout could explode the volatility providing more room for the bulls to run.
Moreover, Dogecoin’s Relative Strength Index (RSI) is 54. It shows a stable value for the meme coin in the upper neutral region. Furthermore, the RSI is headed upward with increasing market and dominance of buying activities.