DOGE Price Is Breaking Up Upper Trend Line, TAMA Purchase Frenzy Continues

The bulls’ momentum increases in Dogecoin market

DOGEUSD Price Analysis – September 23

An increase in the sellers’ momentum will make the DOGE to break below the support level of $0.055; below it are $0.050 and $0.045 support levels. Should the $0.055 support level holds, the price may reverse and face the resistance level at $0.060, further increase in the buyers’ pressure may push up the price to $0.066 and $0.072.

DOGEUSD Market

Key levels:

Resistance levels: $0.060, $0.066, $0.072

Support levels: $0.055, $0.050, $0.045

DOGEUSD Long-term Trend: Bearish

DOGEUSD is bearish in the daily chart. When Dogecoin reached the resistance level of $0.087 on August 16, the bears opposed further price increase. A daily bearish candles formed and the price fall towards the support level of $0.066. The bears’ pressure increased and price broke down the support level at $0.066. The price decreases to $0.060. At the moment, the price is trying to break down the support level at $0.055.

The fast Moving Average (9 periods) has crossed the slow Moving Average (21 periods EMA) downside and the price is trading below the two EMAs as a sign of bearish movement. An increase in the sellers’ momentum will make the price to break below the support level of $0.055; below it are $0.050 and $0.045 support levels. Should the $0.055 support level holds, the price may reverse and face the resistance level at $0.060, further increase in the buyers’ pressure may push up the price to $0.066 and $0.072. The relative strength index period 14 is at 47 levels bending up to indicate buy signal.

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DOGEUSD medium-term Trend: Bearish, TAMA Purchase Frenzy Continues

DOGEUSD is bearish in the 4-hour chart. The Dogecoin price action formed a descending channel in the 1-hour time frame. The coin tested the support level of $0.066 on the August 19. A strong bearish candle formed at the same level which triggered the bearish momentum. The price decreases toward the $0.060 price level. The price is currently testing the upper trend line of the channel.

The currency is trading above the 21 periods EMA and 9 periods EMA and the two EMAs are pointing up which indicates buying market. The relative strength index period 14 is at 58 levels and the signal lines pointing up exhibiting buy signal.

Tamadoge Head of Growth Carl Dawkins spoke at a Blockchain and NFT conference as part of London Metaverse Week on Saturday, with several other TAMA holders in attendance. New crypto token presales and ICOs can often outperform bearish market conditions even if their launch day is a red day – investor sentiment, hype and optimism is highest in the early stages of a new crypto project.

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