DOGE Technical Analysis: Rounding Bottom Breakout Teases 25% Jump

Key technical points:

Past Performance of DOGE

Dogecoin prices find support on the descending trendline after a 20% retracement in the early days of March. After that, however, buyers regained trend control at the trendline resulting in a rally of almost 30% last fortnight. 

Source-Tradingview

DOGE Technical Analysis 

DOGE prices show a rounding bottom breakout in the daily chart, but the rally faces higher price rejection resulting in a retracement as a retest. However, the post-retest rally could surpass the $0.15 mark if the buyers retain trend control.

Despite the rise in buying pressure as the price surpasses the 50-day EMA, the price struggles to withstand the selling at the 100-day EMA. The Dogecoin market price approaches the 100-day EMA and shows a higher price rejection evident by the wick formation. However, the breakout will result in a bullish rally, testing the 200-day EMA mentioned in our previous article.

RSI Indicator: The RSI slope shows an uptrend in continuation with multiple rejections from the overbought boundary. Nonetheless, the slope maintains above the 14-day SMA and the halfway mark. Hence, the indicator keeps the bullish signal light on.

In a nutshell, the DOGE technical analysis stresses the increased 100-day EMA breakout possibility as the post-retest rally of the rounding bottom breakout is ready to go.

Upcoming Trend 

The DOGE prices show lower price rejection in the current daily candle from the neckline at the $0.13 mark, indicating a high possibility of a bullish reversal. Hence, the breakout of the 100-day EMA is imminent, resulting in the potential 25% rally to the $0.19 mark above the 200-day EMA.

Support Levels: $0.135 and $0.125

Resistance Levels: $0.17 and $0.19