Dogecoin Price Prediction: DOGE stays above key SMA but nearby resistance probes buyers
- DOGE/USD picks up bids above 200-bar SMA, remains inside three-week-old symmetrical triangle.
- Momentum favors bulls, triangle’s support adds filters to the south-run below the key SMA.
Dogecoin keeps the previous day’s bounce off 200-bar SMA while rising to $0.0584, up 0.72% intraday, during early Wednesday.
Considering the upbeat MOM signals, DOGE/USD is eyeing the resistance line of a symmetrical triangle established since February 18, currently around $0.0630. However, any further upside will need to cross the late February tops surrounding $0.0660 to recall the bulls.
Following that, $0.0730 may offer an intermediate halt during the quote’s rally towards the previous month’s peak, also the all-time high near $0.0880.
Meanwhile, a downside break of 200-bar SMA, at $0.0566 now, can drag the cryptocurrency pair back to the stated triangle’s support line, currently around $0.0500.
In a case where the DOGE/USD bears dominate past-$0.0500, $0.0448 and February’s bottom close to $0.0415 should return to the charts.
DOGE/USD four-hour chart
Trend: Further recovery expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
