Published 6 seconds ago
Dogecoin Price Prediction: A descending trendline has given a specific direction to the ongoing correction in dogecoin. Over the past five weeks, this dynamic resistance has assisted bears to actively sell on bull rallies. Anyhow with the recent recovery in the crypto Market, the DOGE coin price is reapproaching the overhead trendline, foretelling an upcoming showdown between buyers and sellers for trend control.
Key Points:
- The Dogecoin price will continue to ongoing downtrend until the resistance trendline is intact
- The 20-day EMA walks along with the overhead trendline offer additional resistance against buyers
- The 24-hour trading volume in the Dogecoin coin is $644 Billion, indicating a 160% gain.
Source-Tradingview
With a sudden boost of buying pressure in the market, the Cardano coin price rebounded from the local support of $0.064. The bullish reversal surged the coin price 11 % in the last three days where it currently trades at the $0.07 mark.
With sustained buying the DOGE Price may rise another 2.5% to rechallenge the overhead resistance trendline. Anyhow, the coin holders should keep a close eye on this resistance as the price behavior near it may influence the Doge coins’ New future price.
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In a more likely scenario, the sellers may recuperate the bearish momentum at this resistance and encourage a prolonged downfall. A potential bearish reversal may assist sellers to plunge the Doge price below the last low of $0.064.
On the contrary note, a bullish breakout from the overhead will signal an early sign for trend reversal. The post-breakout rally may reach potential targets of $0.78, $0.89, and $0.1.
Technical indicators
RSI: The daily RSI slope reverted from the oversold region indicating the ongoing rally is meant to stabilize the prices to replenish bearish momentum.
Bollinger band: the coin price trading below the midline of the Bollinger band indicator suggests the sellers possess trend control.
Dogecoin Price Intraday Levels
- Spot rate: $0.072
- Trend: Bullish
- Volatility: Low
- Resistance levels- $0.078 and $0.089
- Support levels- $0.07 and $0.06
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-prediction-can-doge-price-recovery-rally-surpass-0-1-mark/