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- Dogecoin crypto price recovered 30% from the demand zone at $0.07000 and continued its upward movement
- DOGE crypto prices breakout the 50 and 200 day EMA and bulls are trying to hold the higher levels.
Dogecoin crypto price is trading with mild bullish cues and bulls are trying to hold the prices above 50 and 200 day EMA. According to Coinglass, DOGE Long and Short ratio stands at 0.94 denotes mild bearish sentiments in the derivative segment. Currently, The pair of DOGE/USDT is trading at $0.08595 with the intraday gains of 1.70% and 24 hour volume to market ratio stood at 0.0968
Are Investors turning optimistic ?
On a daily time frame, Dogecoin prices are quite volatile and wild manipulative spikes seem normal for DOGE traders. In December, prices gained some positive momentum and attempted to breakout out of $0.10800 hurdle level but unfortunately bears took over the control and dragged the prices down towards the demand zones.
Recently, prices took support at $0.06586 and reversing upwards indicates some responsive buyers might be building long positions at lower levels and expecting the price to continue the positive momentum in coming days. Surprisingly, bulls managed to hold the prices above the 50 day and 200 day EMA which denotes the positional trend might be reversing in the favor of bulls but the confirmation will come when prices will be able to break out of the $0.10800 hurdle level. However if bulls succeed to trade above $0.10800 level price may gain further momentum and will try to approach the $0.14000 mark in a short span of time.
Dogecoin investors seem to be turning optimistic but prices are near to overbought levels and may trigger selloff from the higher levels. However, minor corrections will provide an opportunity for buyers to accumulate at lower levels and $0.06000 will act as an important support for Dogecoin investors. The MACD had generated positive crossover and the rising histogram indicates the strength of buyers whereas the RSI at 67 denotes prices may enter overbought territory soon.
Summary
Dogecoin crypto price is reversing upwards and bulls are struggling to keep the prices above the 50 and 200 day EMA. The RSI indicator suggests that the prices are near the overbought zone and minor sell off may trigger from the higher levels but price action and other technical indicators were in the favor of bulls. Therefore, aggressive traders might take the risk and look for buying opportunities for the target of $0.10800 and above level by keeping $0.06586 as SL. However, if the prices slipped below $0.05500 DOGE may march towards new lows.
Technical levels
Resistance levels : $0.10800 and $0.14000
Support levels : $0.06586 and $0.05500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
