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Dogecoin Price Analysis: With the upsurge in accumulation from buyers and improving market sentiment, the Dogecoin price witnessed a significant upswing in the daily chart. From the two-week low of $0.0581, the prices surged nearly 18% to currently trade at the $0.067 mark. However, the buyers face significant supply at the downsloping resistance trendline, which could undermine the ongoing recovery.
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Dogecoin Price Daily Chart
- The Dogecoin price could witness a minor pullback before the resumption of the prior recovery
- A bullish breakout from the overhead trendline could set the Doge price for a 22% upswing to hit $0.083
- The 24-hour trading volume in the Dogecoin coin is $193.4 Million, indicating a 34% loss.
Source-Tradingview
The ongoing recovery in the Dogecoin price faced a minor roadblock at a downsloping resistance trendline. Despite a 0.3% intraday gain, the daily chart showcasing long-wick rejection at this dynamics resistance indicates the bears are actively selling at this barrier.
If the bearish momentum rises, the Dog-themed memecoin could tumble 5.3% to retest a local support zone of $0.63. This horizontal support could offer buyers a strong springboard to rechallenge the overhead trendline.
A potential breakout from the trendline will signal the resumption of a recovery rally and push the DOGE price to the $0.083 ceiling.
Will Dogecoin Price Plunge to $0.582?
The overhead supply could cause a minor coiling in Dogecoin price between the downsloping resistance trendline and $0.063 support. In case, the memecoin breaks the aforementioned support, the sellers would likely undermine the recent recovery and plummet the price back to $.0582
- Bollinger Band: The downswing in the upper bank of the Bollinger Band indicator projects the bullish momentum is not yet sufficient to trigger a directional rally.
- Relative Strength Index: The daily RSI slope close to the 50% mark projects a neutral sentiment among traders.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/dogecoin-price-analysis-whats-ahead-for-doge-price-to-surpass-0-07/