In the last two weeks, the Dogecoin price shows a 34.5% recovery from the January 22nd low of $0.12. This recovery rally currently challenges another resistance of $0.16, indicating the buyers are aiming for a higher price rally. Check out the complete article to follow on important chart levels.
Key technical points:
- The Dogecoin price facing dynamic resistance from 50-day EMA
- The daily-RSI crossed above the neutral line(50)
- The 24-hour trading volume in the Dogecoin coin is $1.27 billion, indicating a 169.3% gain.
As mentioned in our recent article on Dogecoin price analysis, the DOGE sellers were struggling to sustain the coin price below the $0.143 mark. On February 4th, the buyers took the final leap and escaped the consolidation phase, with a long bullish candle.
The bulls took advantage of this fakeout and drove the price to the nearest resistance at $0.16.
If buyers could breach this overhead resistance as well. The meme coin would challenge the combined resistance of $0.2 and 200-day EMA, which is the key resistance to determine if bulls are ready to trend reversal.
The recent recovery has surged the daily Relative Strength Index (55) slope surged above the 14-SMA and midline, indicating the bullish sentiment is returning to among traders.
The Dogecoin price struggling at $0.16
A bullish breakout from a symmetrical triangle pattern bolstered the buyer’s in its recent recovery. The sellers maintain a stiff resistance at the $0.16 mark, trying to exert supply pressure on traders.
If sellers defended this mark along with the 50-day EMA, it would indicate the bears are still selling on rallies and the downtrend is likely to continue.
The average directional index(31) slope rallying higher projects the increasing bullish momentum.
- Resistance levels- $0.16 and $0.195
- Support levels- $0.143 and $0.12
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.