Published 9 hours ago
DOGE remains one of the strongest-performing cryptocurrencies this week and continues to hold buyers’ attention. However, the rally slowed down since yesterday, resulting in higher price rejection from a crucial overhead resistance. So, will the uptrend sustain in Dogecoin price this week, or is a reversal in order?
Key points:
- The Dogecoin price reverses from the $0.135 resistance
- The daily-RSI slope shows a contraction in the overbought zone.
- The 24-hour trading volume in the Dogecoin coin is $5.6 Billion, indicating a 54% loss.
Source-Tradingview
Cooling down after a huge bullish rally last week, the Dogecoin price trend shows a strong signal of retracement to retest some of the crucial levels. Currently, the daily candles offer higher price rejection from the overhead resistance at $0.135.
Nonetheless, the DOGE remains one of the most trending coins this week and attracts more buyers in the market. As of now, the memecoin trades at $0.1278 and shows an intraday gain of 8.7%. The massive reversal in the last few days candles trapped the market price within $0.135-$0.111, teasing a consolidation range formation.
A daily candle breaking this sideways range formation would offer an entry opportunity to capture a high-momentum rally. Currently, the daily candle maintains a bullish vibe and projects a high possibility of an uptrend sustaining this week.
Therefore, a bullish range breakout could test the $0.152 resistance level, accounting for a price jump of 18%.
However, any correction in the global markets can influence the selling of the meme coin driving it below the $0.11 support level. Thus, development could trigger a longer correction for Dogecoin price and retest the $0.0937 flipped support
Technical indicator
RSI indicator: After shattering into the overbought zone, the RSI slope spikes contracts reflecting a short retirement to sustain the uptrend.
EMAs: The bullish crossover in the 50 and 100-day EMA increases the uptrend and a golden crossover possibility. However, a large gap between the coin price and the moving average indicates excessive buying in a short period. Thus, a correction phase is needed to stabilize the prices
Dogecoin Price Intraday Levels
- Spot rate: $0.128
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $0.135 and $0.15
- Support levels- $0.111 and $0.0935
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/will-dogecoin-price-sustain-the-bull-run-this-week/