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- 1 DOGE shows fresh buying volume over the week.
- 2 Buyers are rescuing the gains as sellers loose steam.
Dogecoin (DOGE) price escaped the resistance mark of $0.07500 over the past sessions resulting in a massive surge. $0.07500 was a crucial neckline. Moreover, this is also an escape out of a an ascending triangle pattern. And now, fresh buying is on, which indicates more bullishness is yet to come.
A breakout was fuelled by a massive spike in volume. As the sellers were trapped, the bulls retested the neckline. The chart indicates that the DOGE price rebounded from the support of $0.05500, and buyers started accumulating from there.
Afterward, a trend reversal was noted, and the price surged inside the rising parallel channel. However, the channel highs were broken out yesterday, and DOGE is looking to extend the gains beyond the vision. Moreover, the higher highs noted on the charts indicate strength, and bulls show dominance from past sessions.
The price action showcased that DOGE is now looking aggressive and willing to retest the highs of $0.09000 in the upcoming sessions. The trajectory indicates that if the price bounces again from the neckline of $0.075000 and surpasses the highs of $0.08000, it would head toward $0.09000 in the upcoming sessions. On the other hand, if it fails to bounce, it will go toward the 20-day EMA near $0.07000.
At press time, DOGE price is trading at $0.07645 with an intraday drop of 2.64% showing profit booking. Moreover, the pair of DOGE/BTC is at 0.0000026 BTC. The trading volume went up by 4.33% to $832.78 Million. Furthermore, the market cap is $10.71 Billion.
DOGE Peeks Bullishness On Daily Charts
On the daily charts, the DOGE price escaped the neckline of the ascending triangle pattern and showed a breakout in the past session. Moreover, the chart formation indicates that DOGE is now all set to catch further highs of $0.08500, followed by $0.09000 in the upcoming sessions as the buyers persisted in making long additions.
As per the Fib levels, the DOGE price is on the verge of 50% and trying to enter above the neutrality. However, DOGE has already been corrected from the top of $0.1000 and is now looking to defeat the sellers. Moreover, the price trades near the upper bollinger band, and a breakout is imminent.
Short Term Charts Show Profit Booking
On the 4-hour charts, the DOGE price showed profit booking as it slipped below the 20-day EMA. The sellers tried to push the bulls below the support range of $0.07000. However, buyers are also attempting to regain strength, and the battle will be interesting in the following sessions.
The RSI curve slipped from the overbought zone and is now near 50, showing a negative crossover. However, the price is still trading in the buying range, and further bounce can be anticipated.
The MACD indicator showed a bearish crossover, and red bars were noted, which signals mild negative cues on the charts.
Conclusion
DOGE price escaped the neckline of $0.07000 and showed bullish cues on the charts. However, the price is unable to extend the breakout and is heading to retest the range again near the 20-day EMA.
Technical Levels:
Support Levels: $0.07000
Resistance Levels:$0.08600 and $0.09000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
