Hello and welcome back traders to our channel Cryptoknowmics!
This is Megha Chhikara, back with yet another analysis for you!
Today, we’ll be reading about DOGE . Well Watch the entire video till the end to learn more about the upcoming trend, but before that don’t forget to hit the subscribe button!
DOGE price action forms an ascending triangle pattern with the overhead resistance at $0.72. Will buyers crack the bearish withhold?
To drive the conclusion we need to analyse the key points ofDOGE, let’s see what we have here!
The Dogecoin(DOGE) price sustains above the 50-day SMA and challenges the supply zone at $0.072.With a market cap of $9.28 Billion, the intraday trading volume of Dogecoin has decreased by 6% to reach $207 Million.
Currently, the doge prices attempt to form a morning star pattern above the 50-day SMA in hopes of gaining bullish momentum. However, the bullish breakout rally will also have to undermine the higher price rejection candles formed due to the supply pressure at $0.075. Hence traders will have to stay cautious in avoiding entering a bullish trade due to FOMO.
The positive turnaround in the 50-day SMA supports the bullish attempt of the ascending triangle breakout. Furthermore, the traders can expect the breakout rally to exceed the 100-day SMA and additionally fuel the uptrend.
The RSI slope maintains a gradual uptrend about the halfway line displaying no signal of a bearish divergence. The MACD indicator shows the fast and slow lines maintaining a positive alignment above the zero line with an increase in the bullish histograms.
Hence the technical indicators maintain a bullish bias and increase the possibility of an upside breakout.
In a nutshell, the DOGE Technical Analysis suggests the Traders should wait for the daily candle to close above the supply zone and undermine the sellers and $0.075.
If the breakout rally gains momentum, the DOGE prices will skyrocket above the $0.075 mark. Hence traders can expect the market value to shoot above to reach the $0.095 mark
And finally, with hope & some positive indications, we conclude our today's session and we’ll be back with yet another coin for you!
Till then stay tuned to Cryptonowmics, Crypto world at your fingertip