Jonathan Morgan
Independent Analyst
- Dogecoin price action stalls near $0.14.
- Sellers are making several concerted attempts to push DOGE lower but are unable to execute.
- Easier for Dogecoin to move higher than lower from its present value area.
Dogecoin price continues to trudge higher and higher, despite some selling pressure seen late yesterday and during today’s session. DOGE remains up nearly 30% from its open on March 14, 2022, with eyes on further gains up ahead.
Dogecoin price holds onto critical support, creating a launchpad to $0.25
Dogecoin price has one technical level more important than any other currently on its chart: the 2022 Volume Point Of Control. Sellers may be looking for an opportunity to flush DOGE again, but supports levels at $0.14 will only continue to get stronger.
Sellers may also be looking at the daily Relative Strength Index and how close it is to the 70 level and assuming it is overbought. However, the overbought levels are 80 and 90 when the RSI is set up for bull market conditions.
The current RSI is set up for bear market conditions, with the overbought levels at 55 and 65. DOGE has been testing 65 for several days, warning that a breakout above that level has a high probability of occurring. Once the RSI hits 70, DOGE converts into bull market RSI conditions.
DOGE/USD Daily Ichimoku Kinko Hyo Chart
Currently, Dogecoin price is positioned for a continuation move higher, likely facing resistance once it hits the $0.16 level where the top of the Ichimoku Cloud, Senkou Span B, exists. However, resistance will probably only be temporary as momentum will likely be enough to push DOGE towards the $0.25 level.
Downside risks remain a concern but should be limited to the $0.1325 level where the bottom of the Cloud (Senkou Span A) and the Kijun-Sen exist.
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