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Dogecoin Price Analysis: The DOGE Coin Price Trying To Retest The $0.264 Mark

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  • The DOGE coin shows a bullish crossover of the 20-and-200day EMA 
  • The DOGE/BTC pair was trading at 0.00000259 BTC with a loss of 0.79%
  • The DOGE coin’s 24-hour trading volume is $838.5 Million, indicating a 41.38% loss

As mentioned in my previous article on Dogecoin, the coin price respected the levels of a descending trendline, which carried the short-term downtrend in the coin. However, on October 18th, the price was able to break free from this dynamic resistance, suggesting the start of a new bull rally.

Furthermore, the price showed an excellent follow-up for this trendline breakout, which also managed to breach the crucial resistance of $0.264.  

The DOGE’s price is higher than the crucial EMA’s (20, 50, 100, and 200), which indicates a bullish trend. In addition, the chart also shows a bullish crossover of the 20 and 50 EMA, attracting more buyers in the coin market.

The RSI value is at 60, indicating a bullish sentiment regarding the DOGE coin price. 

The DOGE Coin price gives breakout from an ascending triangle pattern.

The DOGE coin offers a long opportunity for crypto traders by forming an ascending pattern in the 4hr time frame chart. This pattern had its neckline at the $0.265 level, and the price has provided a decisive breakout from this resistance.

Anyhow, the price is currently trying to retest this level for valid support. If it shows sufficient buying pressure at this level, the crypto traders can consider a long opportunity in this coin. The current price of the DOGE coin is $0.249, with an intraday gain of 2.17%

Conclusion:  The technical outlook for the DOGE coin has started taking a positive turn now. As mentioned, the price has given a breakout from a crucial resistance of $0.264, and the price is in the retest phase trying to obtain proper support from this level. Thus, if the price manages to sustain above this resistance, the coin traders can consider positioning their funds in Dogecoin.

Support: $0.264

Resistance $0.31

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