Dogecoin price analysis: DOGE finds resistance $0.15, what’s next?

Dogecoin price analysis for Feb 5 comes with a bullish analysis for the meme coin as the token has been up by nearly 4.5% in the last 24 hours. Moreover, the token has been bullish in the last week, rising by more than 4.84% in the last 7 days. Moreover, the biggest competitor of the meme coin, Shiba Inu, is also bullish as per our SHIB price analysis for Feb 4.

The data from CoinMarketCap shows that the trading volume of DOGE rose by nearly 68.60% in the last 24 hours. Moreover, the token’s market cap also rose by 5.28% in the same duration. The volume/market cap ratio is at 0.03439. Moreover, the nearest competitor for Dogecoin, Polkadot, is also bullish as per our Polkadot price analysis for Feb 5.

Our Dogecoin price analysis for Feb 5 shows that the daily candle for DOGE opened at a price of $0.1478 and reached a daily high of $0.1505. It is also to be noted that the daily low for DOGE stands at $0.1466. Recently, TheCoinRise also reported that Tesla is accepting DOGE for merchandise.  

Dogecoin price analysis on the daily chart

Dogecoin price analysis on the daily chart includes the MACD indicator, which confirms that the MACD line (blue) broke above the signal line (orange). This means that the buying pressure has surged, as seen in the MACD histogram below.

Source: TradingView

The RSI indicator on the chart below shows that the line aims to break above the 50-level following a surge in buying pressure. Moreover, it is important to note that following the release of the first roadmap for the Dogecoin project, we might witness increased interest in DOGE.

Source: TradingView

Conclusion

Dogecoin price analysis for Feb 5 suggests a bullish scenario forming for the world’s 8th biggest cryptocurrency after Ethereum co-founder Vitalik Buterin joined the Dogecoin Foundation. On the other hand, DOGE has received huge support from Elon Musk, who calls it the ‘people’s crypto.’