- 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.
Latest Crypto News & Analysis
Editors’ Picks
Decentraland price under pressure by market turmoil, MANA points to steep correction
Decentraland (MANA) has not been able to sit back and enjoy its all-time highs printed on Thursday, above $6.0. MANA price reversed to the downside as a wave of negative news surrounding a new Covid variant hit news wires during the Asian session.
Bitcoin, Ethereum, XRP at discount ahead of Black Friday while investors fear new COVID strain
Over $265 billion wiped off the overall crypto market capitalization in a bloodbath as news of the new Covid strain breaks out. Bitcoin, Ethereum and Ripple prices have tumbled over 6%, and the top 10 cryptocurrencies are trading at a steep discount.
XRP holds key support while indicators point to short-term recovery
Ripple started a recovery wave above a key support level of $1.024. XRP price started an upside correction as indicators suggest a short-term recovery. The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
Dogecoin-killer Shiba Inu hits 1 million holders, gets listed on South Korean exchange
Shiba Inu hit an important milestone of 1 million holders with a rise in the number of investors. The memecoin listed on a South Korean crypto exchange successfully despite strict regulatory requirements.
Black Friday 2021 Discounts!
Do you want to take your trading skills to the next level? Now you have a chance of leaping forward at attractive introductory rates. For Black Friday, FXStreet is offering discounts of up to 50% on its upgraded Premium plans.