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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.

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

More from Dhwani Mehta
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