Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077

Brian Bollinger
Updated
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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.

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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.

DOGE/USDT ChartSource-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.

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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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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.