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The Dogecoin (DOGE) price rose for the third consecutive day, registering an 18% gain. This aggressive buying is backed by rising whale’s interest and improving market sentiment, triggering a significant recovery rally. Furthermore, the rising prices have breached the neckline resistance of Inverted H&S, providing an entry opportunity to interested buyers.
Key points:
- The DOGE market value appreciated 25% in the last eight days.
- The coin buyers need a daily candle closing above the $0.745 resistance to confirm a bullish breakout.
- The 24-hour trading volume in the Dogecoin coin is $1.15 Billion, indicating a 146.5% gain.
Source-Tradingview
Amid the widespread uncertainty in the crypto market, the DOGE/USDT pair shaped into the Inverted head and shoulder pattern. Furthermore, in the past two months, the neckline resistance has limited the bullish growth and plunged the coin price to a low of $0.04792.
However, earlier today, the DOGE price jumped 12% and breached the resistance trendline and $0.745 resistance in one stroke. Anyhow, the coin buyers would need a daily candlestick closing above either of these breached levels to maintain the bullish outlook.
Thus, if buyers succeed, the technical setup indicates the DOGE price should rise 35.5% higher to hit the $0.1 psychological level.
On a contrary note, a high-wick rejection in daily candle reflects profit booking from short-term traders, threatening price sustainability above the breached trendline. Thus, if the sellers pull the DOGE price below the mentioned level, the bullish these will be invalidated.
Technical indicator
ADX indicator: a slight upturn in ADX slope along with rising prices hints at the beginning of buyers’ reign. If this slope rises higher, the coin price will likely maintain a sustained bullish momentum.
MACD indicator: Following a bullish crossover, an instant spread among the fast and slow lines, indicating aggressive buying from traders. Moreover, these lines approaching a bullish crossover may provide an extra edge.
- Resistance levels- $0.074 and $0.082
- Support levels- $0.06 and $0.05
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