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DOGE Technical Analysis: Will Buyers Reach The $0.20 Level?

Analytics

cryptoknowmics.com 25 April 2022 20:49, UTC
  
Reading time: ~2 m

As the buyer's line-up, the DOGE coin price surpasses crucial EMAs and prepares a jump to reach the $0.20 mark by crossing the 200-day EMA. Key technical points:

  • DOGE prices crack below the $0.22 mark.
  • The death cross gains a bearish spread.
  • The 24-hour trading volume of Dogecoin is $3.08 Billion, marking a 600% rise. 

Past Performance of DOGE

On the 24th of April, it was reported that the DOGE price hit daily candlesticks closing just below $0.133 support, suggesting that sellers could pull the coin below the bottom of March at $0.111. But, the current chart has a complete rotation as the Dogecoin price increases by 5% and climbs over the crucial support level. TradingView Chart Source-Tradingview

DOGE Technical Analysis 

On Sunday, the price of doge exceeded its $0.133 support, suggesting that sellers might extend the correction. However, the coin saw an impressive inflow on Monday and caused a 5% increase in price.  The bullish offshoot in the Dogecoin market price surpasses the 50 and 100-day EMA to approach the 200-day EMA. Hence, the breakout of two crucial EMAs reflects a boom in buying pressure.  MACD Indicator: a sharp upturn in the fast line nearing a bullish crossover indicates aggressive buying from traders. This crossover would bolster traders to a $0.18 breakout to reach the psychological mark of $0.20.  RSI Indicator:  The RSI values spike higher into the nearly overbought territory after outperforming the 14-day average line. Hence, the indicator reflects a phenomenal rise in the underlying bullishness. In a nutshell, the DOGE technical analysis shows a potential uptrend continuation to the 200-day EMA.

Upcoming Trend 

A spike of 600% in trading volume indicates that the DOGE price may signal an upward breakout from the descending trendline. If buyers can succeed then the cryptocurrency would go 23.8%, before hitting resistance at $0.20 resistance. Resistance Levels: $0.18 and $0.20 Support Levels: $0.135 and $0.12


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