- Dogecoin price retested the 50 and 200 day
- DOGE price formed a higher high swings
- Doge technical indicators are indicating mild bearishness
Dogecoin (DOGE) crypto price is trading with the mild bearish cues and bear’s are trying to drag the prices below both the EMAs. However, the probability of bounce back remains in the favor of bulls. Currently, DOGE/USDT is trading at $0.08770 with an intraday loss of 2.75% and the 24-hour volume to market cap ratio at 0.0511
Is it the right time to Buy DOGE ?
On a daily time frame, DOGE crypto price is on a steady rise and heading upward by forming higher high swings which indicates that the bulls are trying to show dominance on the lower levels but prices took halt at $0.09884 and returning back to retest the EMAs which probably a short term retracement.
In the mid of January, DOGE price succeeded to reclaim above the 50 and 200 day EMA which has derived the positive sentiment and reversed the positional trend in the favor of bulls but unfortunately prices seems to be lacking the momentum near to the supply zone and likely to enter into narrow range consolidation. However, if prices bounce back from the EMA support then $0.09884 will act as an immediate hurdle for the bulls followed by next hurdle will be at $0.11177 level
The technical indicators of the DOGE are showing a mixed signal which denotes that prices lacked direction and may remain in consolidation for some time. The MACD had generated fresh negative crossover indicating mild bearishness and the RSI at 50 reversing down from the overbought zone denotes the balance between bullish and bearish positions whereas the supertrend indicator is still favoring the direction of the bulls.
On the other hand, if DOGE prices break the downward sloping trendline and slip below the EMAs, then prices may see further sell off toward $0.0614 level which will later act as an important support zone for the long term investors.
Summary
DOGE prices are missing the follow up moment and reversing back to retest the support levels. The technical analysis suggests that the price might bounce back from the EMA support but due to strong sellers presence on the higher levels, DOGE might consolidate for some time before deciding the further direction.
Therefore, traders may look for buying opportunities for the target of $0.11177 by keeping $0.06814 as SL. However, if prices dropped below $0.06814 then it might create trouble for the bullish investors.
Technical levels
Resistance levels : $0.09884 and $0.11177
Support levels : $0.06814 and $0.06000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/09/doge-price-prediction-will-the-doge-pick-up-the-momentum-again/