Dogecoin’s price shows strength as it bounces from a downtrend range with high volume, aiming for a rally to $0.1.
Dogecoin faces a major test to trend higher above $0.1 after the price broke out of its long-range price movement.
Dogecoin’s price remains strong above the 50 Exponential Moving Average (EMA) as it attempts to rally past a key area of $0.1.
The price of Dogecoin (DOGE) has remained strong after breaking out of its long-range with good volume as it aims to capture the region of $0.1. The crypto market has appeared more stable this week, with Bitcoin (BTC) and Ethereum (ETH) experiencing significant price movement. This new relief rally in the crypto market has benefited smaller coins such as DogeCoin (DOGE), which has rallied from its downtrend movement to a range high of $0.055 to $0.07 as price attempts to rally higher. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart.
Although many altcoins have struggled to trend in a range market, the price of DOGE has seen more of a downtrend move as the price of DOGE dropped from a high of $0.7 to a weekly low of $0.055, seeing more than an 80% decline in its price.
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.
The price of DOGE dropped to a weekly low of $0.055 as the price bounced immediately, forming a price range in an attempt to break out.
With the market looking more promising, we could see the price of DOGE rally to a high of $0.1 with good volume, where the price could face resistance to trend higher.
Weekly resistance for the price of DOGE – $0.1.
Weekly Support for the price of DOGE – $0.07.
Price Analysis Of DOGE On The Daily (1D) Chart
Daily DOGE Price Chart | Source: DOGEUSDT On Tradingview.com
In the daily timeframe, the price of DOGE remains strong and trades above the key Support formed at $0.066 after the price broke out of its range-bound channel with good volume.
The price of DOGE needs to hold above 50 EMA, acting as a strong support for the price of DOGE. The price of $0.062 corresponds to the value of 50 EMA, acting as Support for the price to trend higher to a region of $0.1. The volume for DOGE indicates strong uptrend momentum as buyers dominate 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 From Tradingview