Dogecoin’s (DOGE), despite increasing bearish sentiment in the market, has remained strong relative to Tether (USDT). While other crypto assets are continuing to fall in price, it is still a solid price.
Bitcoin is showing bearish signs following its rejection at $25,200. But, the DOGE price has continued to trend higher, with an eye on the $0.1 mark.
Dogecoin Price Analysis on the Weekly Chart
As you can see, DOGE fell to $0.052 per week. However, it bounced and reached $0.088 in the following weeks.
DOGE’s weekly candle closed with a bullish sentiment with the new week’s candle looking more bullish for the price of DOGE as it rallies to as high as $0.088 before facing a minor retracement to the area of $0.0812.
As resistance stands at $0.88, the price is struggling to gain momentum.
If the price of DOGE on the weekly chart continues with this structure, it could quickly revisit $0.11 acting as a resistance for the price of DOGE.
Weekly resistance for the price of BTC – $0.88.
Weekly support for the price of BTC – $0.066.
Doge Price Analysis On A Daily (1D) Chart
DOGE’s price found support at $0.072 over the Asymmetric Triangle after a successful breakout. There is an apparent area of interest on daily charts.
DOGE recovered from the support it received and rallied up to $0.088, where it faced resistance. It was then rejected from that area.
Following rejection at $0.088, DOGE’s price has been fluctuating. A break of resistance on the upside may mean that the $0.1 mark could be retested.
As of the writing of this article, DOGE’s price is at $0.082, higher than the 50 Exponential Moving average (EMA) of $0.072.
DOGE should maintain a support level above that which corresponds to 50 EMA. Any break of this region could lead to DOGE dropping to $0.06.
Relative Strength Index, (RSI), for DOGE’s daily price is over 70. This indicates that there are good buy-bid opportunities.
Daily (1D) resistance for DOGE price – $0.88.
Daily (1D) support for DOGE price – $0.076, $0.073.
Pricing Analysis Of DOGE For The Four-Hourly (4H), Chart
DOGE prices continue to remain bullish. They are above the 50 and 300 EMA price levels that correspond with $0.077, $0.071, respectively.
After breaking out from the wedge, trending higher and the 200 EMA acting as support in the DOGE price on the 4H-timeframe are the 50 and 200 EMA.
These support areas could be retested if DOGE does not hold them.
Four-Hourly (4H) resistance for DOGE price – $0.088.
Four-Hourly (4H) support for DOGE price – $0.077, $0.071.
Featured image taken from zimex. Charts from TradingView.com