Dogecoin (DOGE) Clears Key Resistance; Here Is Why $0.1 Is On The Cards

  • DOGE’s price shows strength as it bounces from a downtrend range as price rallied to a high of $0.085 with eyes set on $0.1. 
  • DOGE may rally further if it closes at $0.1 on good volume. The price of DOGE is bullish right now. 
  • DOGE’s price remains strong on the daily timeframe above the 50 and 200 Exponential Moving Averages (EMA) as the price aims for more rallies.

Dogecoin’s (DOGE), one of the top performers, has gained the attention of traders. The news that Elon Musk had purchased Twitter made it an even more important factor in driving the DOGE price to $0.1. These past days saw the cryptocurrency market look more normal, with Ethereum (ETH), and Bitcoin (BTC), showing great price movements in recent times. DOGE’s price rallied from $0.05 to a region of $0.085 as the price aims to take the market by its horn. (Data from Binance).

Dogecoin (DOGE), Price Analysis on The Weekly Chart

Dogecoin is struggling to recover its bullish momentum in recent weeks as the price fell below $0.05 each week. However, DOGE remained steady despite all the uncertainty surrounding crypto. The price held onto its $0.05 support level. 

DOGE’s price had struggled to replicate its rally that took the price of DOGE to an all-time high of $0.75 before it faced rejection to trend higher.

Although the DOGE price had been trading within a narrow range for many weeks, it continued to appear difficult to trade because there was little or no volume. Then Elon Musk’s positive announcement on Twitter finally brought some price movement.

Weekly resistance for the price of DOGE – $0.1.

Weekly support for the price of DOGE – $0.0.068.

Doge Price Analysis On A Daily (1D) Chart

Source: DOGEUSDT On| Source: DOGEUSDT On

The daily price of DOGE continued to be bullish. It reached a peak of $0.85 and then faced resistance from the trend towards $0.1. 

For the price of DOGE to rise to $0.1, it must break above $0.87. That is where most traders are looking for liquidity. We could see DOGE retracencing the area of $0.075-$0.07 if the price does not break above that level.

Daily resistance for the DOGE price – $1.

Daily support for the DOGE price – $0.75-$0.07

Featured image from zipmex. Charts From Tradingview 

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