- Dogecoin price was on a tear yesterday, hurting any bears with a stop-loss run.
- DOGE sees buyers coming in today at the 55-day SMA as an entry point.
- Expect more momentum to build up in favor of bulls, with a break above the monthly R1 as a target.
Dogecoin (DOGE) price was on a tear yesterday, breaking three key elements that kept any further upside in DOGE price action muted. DOGE price this morning is seeing quite some substantial bullish inflow at the 55-day Simple Moving Average (SMA). A bullish outbreak would first target $0.29 and next $0.35 as profit levels.
Dogecoin price has made a hole in the bears defense and could hit $0.35
Dogecoin price sees substantial buying activity at the 55-day SMA after the price opened above the monthly pivot level. Bulls are pushing in the price action with higher lows and are slowly but surely breaking down the bearish wall of resistance that lies above.
DOGE already saw a few attempts on October 6 and 18. Doge price made its way above $0.26, the red descending trend line and the 200-day SMA – three significant levels where a lot of bears entered or have put their stops behind. The fact that these levels have been broken and quite a few stops have been taken out means bears will be backing off little by little now, paving the way for further bullish action.
DOGE/USD daily chart
DOGE will see bulls defending the monthly pivot and using it as a launching point to take out the three above-mentioned resistance levels. Key will be to see Dogecoin price consolidate above $0.29, which should act as support for that final profit level at $0.35.
If bulls fall into a bull trap, expect bears to push price action back below the pivot at $0.24. A break lower would see Dogecoin price action dip further toward the green ascending trend line that is the backbone of the uptrend. Should some heavy headwinds start to heat up, expect a break of the green ascending trend line and a test of $0.19.
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
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?