- DOGE’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $0.1.
- DOGE will have to test its ability to move higher than $0.1 following the breakup of long-range price movements.
- DOGE’s price remains strong above the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area of $0.1.
Dogecoin (DOGE), which aims at capturing the $0.05 mark, has held its price steady after breaking through of its long-range. With Bitcoin (BTC), Ethereum (ETH) seeing significant price movement, the crypto market appears more stable. DogeCoin, a smaller coin than Bitcoin (BTC), has seen a relief rally. It has been able to recover from its downward trend movement and reached a high price of $0.055-$07.07 while the market attempts to rise higher. (Data from Binance).
Dogecoin Price Analysis on the Weekly Chart
While many altcoins struggle to stay in the trend market, DOGE’s price has been more in the downtrend. It dropped from $0.7 to $0.055 per week and saw an almost 80% drop in its value.
DOGE’s declined from an all-time high of more than $0.7 to a region of $0.15 before rallying to a high of $0.35; the price of DOGE faced further rejection to its price to a range low of $0.23 where it formed weak Support to hold sell-offs, but this proved to be abortive as price saw a constant decline.
DOGE’s weekly price fell to $0.055 after it bounced instantly, creating a range to try to break out.
The market is looking better, and DOGE could rise to $0.1 with high volume. This could be where DOGE could encounter resistance from trending higher.
Weekly resistance for the price of DOGE – $0.1.
Weekly Support for the price of DOGE – $0.07.
Doge Price Analysis on the Daily (1D), Chart
DOGE’s daily price remains high and trading above $0.066, which is the support formed after DOGE broke from its range-bound channel on volume.
Price of DOGE must be above 50 EMA to act as a support. Price of $0.062 represents 50 EMA. It is a support for price movement higher than $0.1. DOGE volume indicates strong market momentum, as buyers control the market.
Daily resistance for the DOGE price – $0.1.
Daily Support for the DOGE price – $0.066-$0.062.
Featured image from AMBCrypto. Charts by Tradingview