DOGE Technical Analysis: Will Dogecoin Surpass the $0.065 Mark?
Table of contents
Key technical points:
Past Performance of DOGE
The DOGE price has been stuck between $0.05 and $0.063 limits for the past week. The consolidation could lead to an upward trend when it breaks through any or both extremes. Moreover, the bullish breakout of the consolidation range increases with the double bottom pattern taking shape.
Source- Tradingview
DOGE Technical Analysis
The DOGE price action shows a bullish engulfing candlestick followed by a Doji candle, warning of an evening star pattern formation. Hence, traders hoping for a bullish trend must wait for a price action confirmation. Since May, the DOGE price has traded between the lower and mid-band of Bollinger band indicators, indicating an aggressive selling market. However, the price has been hovering around that lower support is a sign of the reversal theory.
Amid ongoing consolidation and the daily RSI slope moving higher suggests buyers are taking control of the sellers. This means a higher likelihood of breakouts of $0.063 breakout. The MACD and signal lines in the daily chart give a bullish crossover as the falling trend in the negative histogram reaches the zero line. Hence, traders can expect the bullish trend to start with the resurgence in positive histograms. In a nutshell, the DOGE technical analysis forecasts a potential bullish breakout of a consolidation range.
Upcoming Trend
Traders hoping for a bullish recovery in the DOGE prices must wait for the $0.063 breakout. After that, investors can expect the breakout rally to reach the $0.075 mark.
Resistance Levels: $0.065 and $0.075
Support Levels: $0.050 and $0.030