Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
Dogecoin(DOGE) price is rising for the fifth consecutive day, challenging the combined resistance of the descending trendline and the $0.077 mark. A successful breakout would accelerate the bullish momentum and should drive the altcoin to $0.0934.
Key points:
- The DOGE market value appreciated 50% in the last nine days.
- The daily-RSI slope climbs higher in bullish territory
- The 24-hour trading volume in the Dogecoin coin is $1.15 Billion, indicating a 146.5% gain.
Source-Tradingview
In June’s third week, the DOGE/USDT pair showed multiple lower price rejection candles, indicating a high demand zone. On June 19th, the memecoin rebounded from this new support with a bullish engulfing candle, initiating a new relief rally.
The recovery rally surged the DOGE coin 50% higher as it reclaimed the immediate resistance of $0.066 and hit the following combined resistance of $0.77 and descending trendline.
However, on June 26th, the DOGE price failed to surpass the overhead resistance despite being backed by a significant pump in volume. The long-work rejection candle accentuates the sellers are defending this level with vigor.
Furthermore, today the coin price is up 5.85%, and reattempts to breach this resistance. If buyers manage a candle closing above the $0.077 resistance, the sustained buying will surge the altcoin 22% up to $0.093.
Conversely, if the selling pressure persists and reverts the buyers with another rejection candle, the DOGE could slump 10.3% to retest the flipped support of $0.66.
Technical indicator
The daily-RSI slope shows a stepper rally accentuating the strong bullying in the market. Moreover, the indicator value above the 50% mark indicates a positive sentiment among traders.
However, the 50-day EMA roaming around the $0.77 mark puts additional resistance pressure on coin trades. Moreover, the 200-day EMA has acted as a dynamic resistance since November 2022.
- Resistance levels- $0.077 and $0.093
- Support levels- $0.0636 and $0.05
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