DOGE Technical Analysis - Will DOGE Buyers Regain $0.10 Threshold?
Holla viewers,
This is Megha Chhikara back with a brand new coin for you!
Today, we will analyze a coin with a breakout possibility that can lead to a 25% jump, you heard us, it’s Dogecoin!
With a bullish breakout attempt last night, DOGE buyers are coming back into action, Thankfully we can finally see some bullish trend. However, the breakout has been delayed due to the higher price rejection, shaking multiple traders out of the game.
So, should you be expecting the bullish trend to regain the $0.10 mark, or is it going to be a yet another trap to set bulls up?
To find out whether or not the DOGE price will recover and give us a bullish breakout, watch the entire video, and don’t forget to hit the subscribe button!
So beginning with the market values, DOGE's current market price today is $0.082 at 5:30 GMT, a rise of 4.85% in the past 24 hours, showing a recovery trend!
DOGE prices were cut in half over the past 30 days, resulting in the $0.10 breakout due to the bearish takeover at the $0.15 mark. But, the free fall found an area of support close to $0.065, which led to a sharp reversal with a lower price rejection candle returning the market's value to over $0.075. Nonetheless, the trend of falling persists and is a warning of falling out to test the bottom of $0.065.
The graph on my screen has a lot to say about DOGE today too, let’s see what its is!
https://www.tradingview.com/x/RjtHex4z/
As the price range shrinks, a downward trend leads to the falling wedge pattern. The latest attempt to break the bearish pattern faces an aggressive rejection, leading to a higher price rejection candle. It warns against a fallout rally.
Coming to the technical indicators, I can see a bullish support, giving the buyers an actual lead. Furthermore, talking about the MACD and the VI indicator, they are clearly indicating a possibility of an upward breakout of the bearish pattern due to the bullish crossover between VI lines and the current upward trend of the MACD and signal lines. Fingers crossed traders, lets hope for the best!
Moreover, it is apparent that the stochastic RSI indicator shows the K and D lines falling below the overbought zone undermining the bearish trend with a reversal leading to a crossover. So we all know what it means! Another indication of no more bearish takeovers!
In a nutshell, DOGE technical analysis suggests an optimistic attempt to boost the price that could result in the trendline breakout.
Suppose DOGE buyers can create an intraday candle that closes above the trendline resistance. In that case, traders expect the rally to break through that $0.085 mark. However, if the selling pressure increases in the coming hours and falls below the support trendline the possibility of a fall to $0.065 appears to be inevitable.
This was the technical analysis for DOGE. We hope this was helpful, and you got what you were looking for!! If you enjoyed the session, please subscribe to Cryptoknowmics!!