Published 1 hour ago
Dogecoin(DOGE) price is rising for the fifth consecutive day, challenging the combined resistance of the descending trendline and the $0.077 mark. A successful breakout would accelerate the bullish momentum and should drive the altcoin to $0.0934.
- The DOGE market value appreciated 50% in the last nine days.
- The daily-RSI slope climbs higher in bullish territory
- The 24-hour trading volume in the Dogecoin coin is $1.15 Billion, indicating a 146.5% gain.
In June’s third week, the DOGE/USDT pair showed multiple lower price rejection candles, indicating a high demand zone. On June 19th, the memecoin rebounded from this new support with a bullish engulfing candle, initiating a new relief rally.
The recovery rally surged the DOGE coin 50% higher as it reclaimed the immediate resistance of $0.066 and hit the following combined resistance of $0.77 and descending trendline.
However, on June 26th, the DOGE price failed to surpass the overhead resistance despite being backed by a significant pump in volume. The long-work rejection candle accentuates the sellers are defending this level with vigor.
Furthermore, today the coin price is up 5.85%, and reattempts to breach this resistance. If buyers manage a candle closing above the $0.077 resistance, the sustained buying will surge the altcoin 22% up to $0.093.
Conversely, if the selling pressure persists and reverts the buyers with another rejection candle, the DOGE could slump 10.3% to retest the flipped support of $0.66.
The daily-RSI slope shows a stepper rally accentuating the strong bullying in the market. Moreover, the indicator value above the 50% mark indicates a positive sentiment among traders.
However, the 50-day EMA roaming around the $0.77 mark puts additional resistance pressure on coin trades. Moreover, the 200-day EMA has acted as a dynamic resistance since November 2022.
- Resistance levels- $0.077 and $0.093
- Support levels- $0.0636 and $0.05
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.