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On July 1st, the Dogecoin price gave a bullish from a resistance trendline which carried a downtrend over the last two months. This breakout signifies a positive shift in market sentiment and boasts bullish momentum for a prolonged rally. From the breakout points of $0.6647, the coin price surged 4% to reach the current price of $0.069. However, the DOGE price witnessed supply pressure near $0.0703, projecting a possibility of a fake breakout.
Also read: Can Bitcoin (BTC) Smash Its All-Time-High, Alex The Doge (ALEX) Is Leading From The Front
Dogecoin Price Daily Chart
- The next immediate resistance at $0.075 represents a psychological barrier that could impact the Doge price rally.
- Resistance trendline breakout sets the memecoin price for a 7% upswing
- The 24-hour trading volume in the Dogecoin coin is $387.2 Million, indicating a 22% gain.
Source-Tradingview
On June 10th, the Dogeprice showed a massive bearish candle in the daily time frame chart. Since then, the coin price has traded with the range of this candle, creating a short-term sideways trend.
Though the recent breakout from the downsloping resistance may accelerate bullish momentum in DOGE, the $0.00719 high of the aforementioned candle remains a strong barrier, and similarity to the $0.053 low would act as significant support.
Thus, the DOGE buyers may show caution recovery till $0.070 or the next immediate resistance of $0.075. A breakout above $0.075 breakout could give additional confirmation to rise higher.
Can Dogecoin Price Still Plunge to $0.06?
By the press time, the Dogecoin price traded at $0.0697, and with an intraday gain of 2%. However, if the coin price witnesses more supply pressure and a possible pullback to breached trendline it would indicate a weakness in bullish momentum. Thus, a breakdown below the flipped support trendline will invalidate the bullish thesis and may plunge the prices back to $0.06
- Exponential Moving Average: The 100-day EMA slope continues to stand a crucial resistance against buyers.
- Relative Strength Index: A RSI slope breakout above the 60% mark would signal rising buying pressure in Dogecoin.
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/can-dogecoin-price-overcome-0-075-crucial-levels-to-watch-this-week/