Home
News
- After an insane bull rally caused by Elon Musk, DOGE witnessed a massive correction which kicked the price down by $50%
- Doge had formed a double bottom pattern on the six-hour chart, but the price shot right up after bouncing on the crucial support line.
In the 6-hour time frame, DOGE has formed a double bottom pattern which is usually bearish. If it wasn’t for the support level of $0.25, DOGE would’ve continued its bearish momentum and plunge to the curb. The price action confused its investors as the support level of $0.25 played a significant role in shooting the price upwards.
This could be the beginning of another strong uptrend. Because the price of this coin has surged by 20.46% after bouncing back also suggests the possibility of another ATH. On the upside, it’s only a matter of three key resistance levels.DOGE has flipped most of these resistance levels as support which proposes an extremely bullish case scenario.
Eyes glued to the key EMAs on the 2-hour chart
The bullish divergence has been confirmed after we saw the price action made a higher low, whereas oscillators such as MACD and RSI formed a lower low.
The DOGE price is currently sitting below the 20 and 50 EMA, which are likely to test as resistance. This won’t be long as the 20 EMA (yellow) will streak right above the 50 EMA (red). That would be a fantastic opportunity for investors as EMA crossovers suggest strong bullishness.
If the crossover doesn’t happen any time sooner and the trend begins to collapse, then we can expect the 100 (green) and 200(blue) EMAs to swoop right in to provide support at the levels at $0.27 and $0.21, respectively.
Currently, the RSI of DOGE is sitting stable at 46, suggesting no trend. MACD, on the other hand, is also demonstrating bullishness which was concluded once we saw it cross above the signal line.
CONCLUSION: Doge, a cryptocurrency that was started as a joke, is driving all crypto enthusiasts insane with its price. Undoubtedly, it has been one of the best-performing crypto assets of 2021.
Technical analysis has very little relevance in this cryptocurrency as its price constantly fluctuates based on the emotions of its investors. Along with Elon Musk and Mark Cuban, Snoop Dogg has also joined the hype train to promote this degenerate crypto asset.
SUPPORT : $0.25 and $0.22
RESISTANCE : $0.43 and $0.4
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
