Dogecoin (DOGE) Cracks Over 150% In 7 Days; Is The Top In Yet?

  • DOGE’s price shows strength as it continues its rally with eyes set on a high of $0.2. 
  • DOGE could rise more if it breaks out from a bullish continuation pattern, with bullish eyes and aims to rally higher.
  • DOGE’s price remains strong on all timeframes as price trades above the 50 and 200 Exponential Moving Averages (EMA).

Dogecoin’s (DOGE), price action over the last few days was remarkable. The DOGE price has emerged as a strong performer, creating the feeling of a bullish market. Bitcoin’s (BTC), which creates an even more bullish market, has also been a catalyst to DOGE’s price. This is due to the fact that the market has seen some relief. (Data from Binance).

Dogecoin (DOGE), Price Analysis on The Weekly Chart

Many altcoins are continuing to show over 150% growth over the 7 days since breaking free from their range-bound movements. This is making crypto markets look more inviting. DOGE has seen some impressive rallies in recent days, rising from $0.055 to $0.15.

These past few weeks have been difficult for crypto, as many altcoins failed to sustain their core support areas. As the week progressed and Bitcoin (BTC), price gains have brought some relief to the crypto market.

DOGE’s weekly close was above $0.07 and the DOGE price rose to $0.14. The price experienced a slight rejection, but it broke higher to $0.15.

DOGE’s bullish price structure has remained above $0.145. DOGE is now looking at a rally towards $0.18, which may be the key to its rally to $0.2. The price of DOGE could drop as low as $0.18 to $0.0.15.

Weekly resistance for the price of DOGE – $0.18-$0.2.

Weekly support for the price of DOGE – $0.145.

Doge Price Analysis on the Daily (1D), Chart

Source: DGEUSDT on| Source: DOGEUSDT On

DOGE’s price continued to be strong in daily trading. The bullish continuation patterns broke down and DOGE was able to buy more orders. DOGE continues to rally, reaching $0.158 on good volume. DOGE also faced some rejection. 

APE is currently trading at $4.9. This price is close to its key support of $5 that was established after it successfully broke out from the descending triangle. APE’s price trades below 50 EMA. The 50 EMA is $5 and acts as support.

DOGE’s price is not breaking and closing above $0.155. This corresponds with the 61.8% Fibonacci Retracement Value (Fib Val); however, if it breaks and closes we might see the price rise to $0.18-0.2. This could signal a potential price retracement in the region of $0.15-$0.14. 

Daily resistance for the DOGE price – $0.18-$0.2.

Daily support for the DOGE price – $0.14.

Featured image from Ticker Charts From Tradingview 

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