DOGE Technical Analysis: Will Dogecoin Surpass The 50-day EMA?
Table of contents
Key technical points:
Past Performance of DOGE
A recent decline in DOGE price is halted at the joint support of $0.63 and slightly under the 20-day EMA. However, the price has been hovering near these levels for almost a week, and the long-tail rejection in the daily candles indicates the possibility of a reversal.
Source- Tradingview
DOGE Technical Analysis
The DOGE prices remain under a bearish trendline, but the buyers at $0.063 prepare to bounce the prices higher to $0.075. However, traders hoping to ride the breakout rally must wait for the price action confirmation. The 20-day EMA breakout has been a crucial bullish milestone for Dogecoin buyers this quarter, teasing a potential uprising. Thus, traders may see the prices rising above the EMA as an entry opportunity.
The DI lines display a bearish crossover undermining the positive alignment and cutting points from the recovery rally theory. Moreover, the falling trend in the ADX line explains the lost momentum in the price trend. The RSI indicator reassures the buyers as it shows a sideways trend slightly below the halfway line. This signal can be interpreted as the underlying bullishness remaining unaffected. In a nutshell, the DOGE price analysis forecasts a growing possibility of the market price surpassing the resistance trendline.
Upcoming Trend
If the buying pressure grows overnight, the DOGE prices will eventually surpass the $0.075 mark to test the psychological mark at $0.10.
Resistance Levels: $0.075 and $0.10
Support Levels: $0.063 and $0.050