Dogecoin Price Analysis: DOGE primed for a 100% upswing above this key hurdle


  • DOGE/USD’s daily chart offers a constructive outlook.
  • The DOGE bulls need to clear this one key level to see the price doubling up.
  • RSI points north above the midline, supporting the bullish bias.

Dogecoin (DOGE/USD) is seeing some weekend love returning this Sunday after trading directionless almost throughout the last week, despite a couple of encouraging fundamental news.

The Shiba Inu-represented cryptocurrency, Dogecoin, remains buoyed by the upbeat mood seen across the crypto board, as the bulls prepare to regain control.

The optimism around the news that the Dallas Mavericks will soon be accepting the meme-based cryptocurrency as part of an agreement with crypto payment services provider BitPay seems to be picking up, offering fresh zest to the DOGE bulls.

Another big news for billionaire Elon Musk’s favorite coin came in after ATM provider CoinFlip announced DOGE can now be purchased with cash across its 1,800-machine network.

DOGE/USD: How is it positioned on the technical graph?

DOGE/USD: Daily chart

DOGE/USD dived out of a month-long falling wedge on the daily sticks last Thursday, validating the bullish continuation pattern after closing the day above the falling trendline resistance at $0.04894.

Although the bulls lacked follow-through, as the 21-daily moving average (DMA) continued to offer stiff resistance. At the moment, Dogecoin is battling the abovementioned key hurdle.

The canine cryptocurrency is eyeing a daily closing above the critical 21-daily moving average (DMA) at $0.0517 so that the bulls could finally reclaim ground and extend the upside break from the falling wedge formation.

The buyers would then aim for a 100% upswing, with eyes set on the record highs at $0.1004. On its way northwards, the DOGE bulls could face some strong offers around $0.0650, the static resistance.

The relative strength index (RSI) edges higher, currently at 52.46, suggesting that there is more room for the upside.

If the meme-based coin fails to take out the 21-DMA barrier, a pullback towards the strong support at $0.04333 cannot be ruled. That level is the confluence of the pattern resistance now support and the upward-sloping 50-DMA.

The next significant cushion is aligned at the wedge support of $0.0332.

All in all, the upside appears more compelling for Dogecoin in the near-term.

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin crashes, markets follow suit

The cryptocurrency market experienced a crash as the flagship cryptocurrency tumbled. Although some altcoins are recovering, Bitcoin price is still scrambling to find a support level and might trigger another sell-off soon.

More Bitcoin News

Dogecoin surges 20% after Elon Musk hints Tesla could accept Doge

Dogecoin (DOGE/.USD) has jumped by around 20% to $0.54 in a swift move Elon Musk, founder of Tesla and SpaceX tweeted a poll asking if his company should accept this cryptocurrency as a means of payment. It seems to have ended its consolidation.

More Dogecoin News

Ripple takes out support, awaits foothold to swing higher

XRP price was among many altcoins that crashed as Bitcoin price shed roughly 9% on Monday. While Ripple seems to be recovering, there could be another leg down before the markets start to recover.

More Ripple News

Cardano gains to diminish as 16% correction awaits

Cardano price is on the precipice of starting a downtrend after a recent minor sell-off. ADA looks to slide toward a key demand barrier that separates bullish from bearish.

More Cardano News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP