Dogecoin Price Analysis: DOGE Failed To Reach 100 DMA This Week, Wait For Confirmation 

  • Dogecoin is trading above important DMAs like 20 and 50.
  • Dogecoin is down 4% in the last 24 hours to the $0.0701 mark.
  • Price action attracts high-low formation above ascending trend line

For the past several days, the price of Dogecoin has been steadily rising. The market is presently encountering tough opposition at $0.076, which served as a turn obstacle earlier. Prior to actually retesting present levels and continuing the rise, the price is projected to find support near the $0.068 level.

As the cryptocurrency price is managed with a high-low pattern above the rising trend line, the bull run anticipates a greater bullish rise. DOGE, on the other hand, may continue in the foreseeable future as technical indicators provide favorable signs.

Buyers dominated DOGE price above the uptrend line, on the contrary, bears barely kept the price below the $0.072 mark during the daily price scale. As a result, the DOGE token is trading in a narrow range of an ascending triangle pattern on the hourly chart.

At the time of writing, Dogecoin is trading at the $0.070 mark with a 4% gain so far this week. Meanwhile, according to CMC data, DOGEcon’s market cap has fallen 4% to the $0.0701 mark in the last 24 hours.

Trading volume is down 17% compared to the previous night. Nevertheless, in the context of the daily price chart, Dogecoin is trading above important DMAs such as 20 and 50.

Today Buyers Seem to be Weak 

The DOGE Crypto is approaching the upper band of the Bollinger Bands indicator on the daily price scale. Meanwhile, buyers are finding support at the mid-band of the BB indicator.

Besides, the daily RSI indicator is moving towards the higher zone as its peak is above the 50 levels.

Conclusion

Dogecoin price appears to be in a narrow range of an ascending triangle pattern, a breakout could occur at any time. The RSI indicator also favors buyers for a bullish rally.

Support level – $0.050 and $0.040

Resistance level – $0.10 and $0.12

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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