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Dogecoin Price recovered 20%, More upside left in DOGE price?

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Dogecoin Price Prediction
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Dogecoin price rose by 4.71% on a weekly basis and showed a recovery of 20% approx from the recent swing low at $0.06259. Dogecoin price formed a bullish hammer candle from the demand zone and showed initial signs of trend reversal. However, the prices seem to be facing resistance at the 50 day EMA and the confirmation of trend reversal is still awaited. 

Dogecoin price currently trading at $0.07383 with an intraday rise of 1.21% and 24 hour volume to market cap ratio at 0.0723. The pair of DOGE/BTC is trading 0.00000274 with an intraday rise of 1.11%. At the beginning of February, DOGE price attempted to break out of $0.10012 level but sadly it got rejected and reversed in a downward direction. Later, overall market sentiment turned bearish and Dogecoin price got negatively impacted. After consolidating for a few weeks in the narrow range, DOGE prices started declining by forming lower lows and slipped below the 200 day EMA.

Will Dogecoin price retest the previous high ?

DOGE/USDT daily chart by Tradingview

DOGE price : Technical outlook

Dogecoin price prediction suggest prices might consolidate in a wide range until some big whales turned highly bullish. The technical indicators of the DOGE crypto like MACD had generated a positive crossover indicating bullishness might continue in coming days. The RSI at 47 sloping sideways denotes the neutral zone and the balance between bullish and bearish positions. 

Conclusion 

Dogecoin price had shown a decent recovery of 20% from the recent swing low and created a hope for the bullish trend reversal. However, the prices are facing resistance at the 50 day EMA and seem to be lacking the momentum. The technical analysis suggests DOGE price is expected to consolidate for some time before deciding the further direction. 

Technical levels

Resistance levels : $0.10012 and $0.10993

Support levels : $0.06259 and $0.05478

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.

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