Dogecoin turns bullish after soaring almost 15%!!

Dogecoin price analysis for August 16, 2022, comes on a bullish note for the world’s biggest meme coin as it can be confirmed that the DOGE token has surged by 13% in the last 24 hours. Furthermore, it is also important to note that the meme coin has a major resistance towards the $0.10 price level which is the next target for DOGE investors. If the bulls are able to break through that resistance zone, investors can expect a chance in the trend for the DOGE token.

As noted in our DOGE price analysis for August 15, 2022, the Dogecoin token has a major support towards the $0.06 price level and it seems that the new support might be formed around the $0.07 price region if the bulls continue to push for higher prices.

The data from CoinMarketCap shows that the trading volume for Dogecoin has surged by 0.07% in the last 24 hours, followed by a 13.79% surge in the market cap. Moreover, the Market Dominance of the coin stands at 1%, while the Volume / Market Cap Ratio has a value of 0.1213.

The daily candle for Dogecoin opened at a price of $0.07663 and reached a daily high of $0.08900. Furthermore, the daily low for the coin stands at a price of $0.07615, and the price of 1 DOGE at the time of writing is $0.08662.

Dogecoin price analysis on the daily chart for August 16

Dogecoin price analysis on the daily chart for August 16, 2022, will consider the data presented by 3 major indicators on the daily chart below.

Source: TradingView

The RSI indicator reads a value below 72 which means that Dogecoin token is now being overbought.

The MACD line and signal line are far apart as the histogram is quite bullsih DOGE.

The price action for Dogecoin has broken out of the bullish region of the Bollinger Bands.

Conclusion

Dogecoin price analysis for August 16, 2022, ends on a bullsih note for DOGE with increased chances of retesting $0.10.