NewsletterDOGE Price Analysis: Reversal From $0.075 May Plunge Prices By 7%
While the crypto market is going through a slow yet steady recovery, the DOGE/USDT pair rallying with higher low formation reflects growth in bullish momentum. However, the coin buyers failed to surpass the $0.075 resistance despite multiple attempts in the past two months. Furthermore, a long-wick rejection candle at this resistance with a 1.2% intraday loss indicates a potential price correction.
Key points:
- The DOGE chart shows a formidable barrier at the $0.075 mark
- The 20 and 50 SMA of the daily time frame chart are flipped to viable supports
- The 24-hour trading volume in the Dogecoin coin is $641.5 Million, indicating a 92.5% gain.
Source-Tradingview
A firm resistance level and higher low formation marked by a rising trendline indicate an ascending triangle pattern in the daily time frame chart. Earlier today, the DOGE price showed a 7% gain as it rechallenged the $0.075 neckline resistance; however, the price couldn’t sustain at this level and reverted immediately.
The long-wick rejection attached to the daily candle indicates the sellers are aggressively defending this level. In addition, when the altcoin hit this resistance previously, the prices were usually retraced to the support trendline.
Thus, if the selling pressure persists, the DOGE price may tumble 7% and plunge to the combined support of $0.065. However, under the pattern influence, altcoin should rebound from the support trendline and eventually breach the $0.075.
The resulting rally should rise 27.5% higher and hit the $0.0936 resistance.
While the DOGE price action favors buyers, a bearish breakdown from the support trendline will invalidate the bullish thesis.
Technical indicator
Relative Strength Index: the daily-RSI slope gradually rising above the midline indicates the positive sentiment is returning to the DOGE price. Thus, the indicator line moving above the neutral line indicates an additional confirmation for triangle breakout.
SMAs: The flattened 20-and-50-day SMA accentuates a short consolidation in price action. However, these slopes trading below the coin price may stall the potential correction at $0.0675
- Resistance levels- $0.075 and $0.0883
- Support levels- $0.065 and $0.06
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
