3 Top Technical Analysis Reasons Why Dogecoin (DOGE) is Up

3 Top Technical Analysis Reasons Why Dogecoin (DOGE) is Up

Dogecoin (DOGE) continues to struggle as the price fails to break above the key area of resistance around $0.09 as the price gets rejected on several attempts to break out. 

The cryptocurrency market continues to show much optimism in recent months as the price of many altcoins and memecoins, including PEPE, rises from its long bearish run as many altcoins rack double-digit gains, leaving behind Dogecoin as it struggles to break.

Related Reads – DOGE Suffers Shock Rejection as Price Eyes Reclaim of $0.08

The price of Bitcoin and other top market capitalization tokens have shown better price action than the past year of a tough, bearish run for the crypto market, where many altcoins dropped by over 80%.

With the cryptocurrency market looking much more promising lately and an increased level of euphoria returning due to many crypto assets performing incredibly well for the past weeks and months, there is a need to pay attention to top altcoins like DOGE. 

The price of DOGE has struggled to show much bullish price action as its price continues to trade sideways for months now as Bitcoin and other altcoins show much dominance and price action.

After breaking above its yearly high of $32,000, the price of Bitcoin has rallied with much price action as many traders and investors speculate the bull run this time would be different as there has been speculation of a possible rally to a high of $150,000.

Cryptocurrency Heat Map | Coin360.com

The price of DOGE/USDT dropped from a high of $0.72 from the last bull market to a low of $0.050 as many traders and investors continue to speculate on the price of DOGE/USDT rallying to a high of $1 if DOGE father (Elon Musk) incorporate DOGE as a mode of payment for X (formerly Twitter).

After forming a good support or demand zone around the region of $0.050, the price of DOGE/USDT has formed a good strength and opportunity to rally higher as its price has broken out of its downtrend range with eyes fixed on $0.09.

Here Are 3 Top Reasons Why Dogecoin (DOGE) is Up Today

DOGE/USDT Weekly Price Chart | Tradingview.com

Dogecoin (DOGE) traded for weeks within the region of $0.05 to $0.06 but has successfully broken out from its downtrend as there could be a massive shift in trend for the price of DOGE/USDT.

The price of DOGE/USDT broke out from its bullish descending triangle to a region of $0.08 as the price could rally past the high of $0.09 if the resistance around this region is broken into a support by price.

For the first time in weeks, the price of DOGE/USDT broke out above the 50-day Exponential Moving Average (50-day EMA), acting as resistance for the price as it acts as support presently. If the price of DOGE/USDT holds above this region, we could see the price retest the highs of $0.09 and $0.12.

Related Reads – Best Crypto Coin To Invest In 2023 With Examples

Another big contributor to the price of DOGE/USDT today could be its ever-supportive community and investors looking to buy into this great crypto memecoin that has created so many millionaires in the previous bull market.

It is yet unknown if the present bull market will process a memecoin that will challenge Dogecoin (DOGE), with Elon Musk being a big fan and admirer of the crypto token as it possesses much ease for people to purchase with great potential. 

If the price of DOGE/USDT breaks above the region of $0.09, it would be a game changer for many traders and investors holding Dogecoin as they hope the price will surpass its last all-time high to a region of $1.

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