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Dogecoin Price Prediction: Amid the recent recovery in the crypto market, the Dogecoin price gave a bullish breakout from a long-coming resistance trendline. This breakout should release the build-up buying pressure and bolster buyers to resume the prevailing recovery phase, Here’s how you may trade this breakout.
Key Points
- A potential breakout from $0.78 will encourage DOGE price for a $15% upswing
- The rising DOGE price reclaimed 20-day EMA slope offers additional confirmation for long buyers.
- The 24-hour trading volume in the Dogecoin coin is $657 Billion, indicating a 66% gain.
Source-Tradingview
A downsloping trendline gave a specific direction to the last five weeks’ downfall in Dogecoin price. This falling trendline acted as key resistance to assist traders in selling on a bullish upswing which is a key sign for an established downtrend.
However, on March 17th, the Doge price gave a decisive breakout from the overhead resistance trendline signaling an early sign of trend reversal. This bullish breakout should offer buyers a strong footing to lead to a further price rally.
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As of now, the Dogecoin price trades at $0.075, with an intraday loss of $0.97. Over the past four days, the price moved sideways above the breached trendline, reflecting price sustainability at the reclaimed level.
If the buying pressure persists, the post-retest rally should drive the memecoin above the significant resistancea of 0.078, $0.09, and $0.1. Each of these resistance breakouts will bolster buyers to challenge the following barrier.
On a contrary note, if the coin price shows rejection from $0.078 resistance, the bullish thesis will get weakened.
Technical indicators
RSI: The daily RSI slope constantly rising projects growth in underlying bullishness and an increased possibility for uptrend continuation.
EMAs: the daily EMAs(50 and 100) moving near the $0.787 level increase the resistance power of these levels.
Dogecoin Price Intraday Levels
- Spot rate: $0.075
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $0.078 and $0.09
- 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-doge-price-set-for-15-upswing-if-buyers-break-this-key-barrier/