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Following the recent recovery, the dogecoin price shows signs of rejection at $0.11 resistance. This potential reversal may retest the flipped support of $0.09 to validate whether the price can sustain higher levels or not. But what if the holders lose this support?
Key points:
- A possible retest to the $0.09 support may provide suitable footing to bolster price recovery
- A daily chart shows a golden crossover between the 50-and-200-day EMA
- The 24-hour trading volume in the Dogecoin coin is $1.03 Billion, indicating a 42% gain.
Source- Tradingview
Amid the last correction in the crypto market, the Dogecoin price plunged to local support of $0.074. In the past three weeks, the memecoin rebounded twice from the $0.074 mark, validating it as genuine support.
A bullish reversal from this support surged the price by 38.5% to reach its current price of $0.1. In addition, the growing rumor that Billionaire Elon Musk will also accept Dogecoin as a payment option on Twitter has also contributed its share to the recent rise. Moreover, musk has recently unbanned several Twitter accounts which used to post feeds related to Dogecoin.
However, the multiple rejection candles at $ 0.11 resistance suggest the buyers’ power struggle withhold the higher prices. This, with sustained selling, the dogecoin price could revert lower and plunge to the breach resistance of $0.09. A potential downfall of 12% will retest the $0.093 support to replenish the bullish momentum.
If the buyers managed to sustain above the mentioned support, the buyers could raise a post-correction rally.
Conversely, a daily candle closing below $0.09 will offset the bullish momentum and may prolong the ongoing correction to the $0.74 mark.
Technical indicator
RSI indicator: The daily-RSI slope jumped above the neutral and 20-SMA, indicating a positive shift in market sentiment.
EMAs: The crucial EMAs accumulated near the $0.09 market strengthen this horizontal level’s support power and increase the likelihood of uptrend resumption.
Dogecoin Price Intraday Levels
- Spot rate: $0.102
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.11 and $0.124
- Support levels- $0.09 and $0.074
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