- Dogecoin bulls set eyes on $0.065 after breaking above a crucial technical pattern.
- The IOMAP model reveals reducing resistance, thus, confirming the uptrend.
- Failing to hold above the 200 SMA may increase from selling orders.
Dogecoin is doddering at $0.056 after bouncing off key short-term support. Price action above the 200 Simple Moving Average (SMA) on the 4-hour chart would pave the way for gains eying $0.065. Meanwhile, bulls are focused on nurturing the uptrend by aggressively defending support at the 200 SMA.
Dogecoin comes out of consolidation
The MemeCoin has been in consolidation for the past few days and after the rejection from $0.62. After finding support at the 50 SMA, bulls pushed the cryptoasset to higher levels while eyeing gains past $0.065. Dogecoin sliced through the 200 SMA but faced an intensifying hurdle at $0.058.
The Moving Average Convergence Divergence (MACD) confirmed the consolidation. Besides, it has a bullish impulse that is likely to result in the price rolling upwards. However, the MACD line (blue) must cross and sustain the position above the signal line.
DOGE/USD 4-hour chart
The IOMAP model by IntoTheBlock confirms the uptrend with robust support, running from $0.055 to $0.057. Here, nearly 112,600 addressed had previously bought roughly 11 billion DOGE.
-637512365951462583.png)
Dogecoin IOMAP chart
The observed resistance is not immense on the upside, and Dogecoin could slice through as investors anticipate the roll up to $0.065. However, the model directs our attention to the region between $0.58 and $0.06. Here, around 56,000 addresses had previously purchased nearly 7.1 billion DOGE. Trading above this would pave the way for significant price action beyond $0.065.
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 Weekly Forecast: BTC’s Q3 close and what to expect in Q4?
Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious.
Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?
Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.
Staking is coming to Chainlink this December as LINK price stands firm
-637336005550289133_XtraSmall.jpg)
LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.
Ethereum Classic bulls take charge, a retest of $30 on the cards
Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies.
Bitcoin: BTC’s Q3 close and what to expect in Q4?
Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022.