- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin price crashes 7.7% in Asian session, sets off $200 million in liquidations
Bitcoin price saw a sudden selling pressure early in the Asian session on December 11. This move comes after BTC set up a new yearly high at $44,700 on December 8. The sudden move to the downside has liquidated more than $200 million in positions.
Ripple plunges alongside altcoins in marketwide crash, Galaxy CEO admits XRP Army is real
The SEC v. Ripple lawsuit is in headlines again as pro-XRP attorney John Deaton criticizes former SEC Chair Jay Clayton for his comments on the court ruling. Clayton believes the initial issuance of XRP tokens was a securities transaction in the capital raising phase.
Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
MATIC price could face selling pressure from mounting inflow to exchanges
Polygon’s native token MATIC is likely to succumb to selling pressure from rising inflow of the asset to exchanges. Large wallet investors are sending MATIC to Binance and Coinbase, increasing the selling pressure on the asset.
BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.