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The DOGE price reattempts to breach the $0.152 resistance within a fortnight. However, the traders aggressively selling on higher levels reverted the altcoin below this resistance, displaying a long-tail rejection candle. As a result, the sustained selling could dump the altcoin by 7% to $0.133.
Key points:
- The OBV indicator shows a bearish divergence in the daily chart
- The 20-and-50-DAY EMA performs a bullish crossover
- The 24-hour trading volume in the Dogecoin coin is $2.1 billion, indicating a 112% gain.
Source-Tradingview
A bullish breakout from the falling wedge pattern ignited the DOGE recovery rally on March 19th. The post-retest rally soared the memecoin by 30%, hitting the $0.152 monthly resistance. However, the sellers stalled any further price rally and reverted the coin price with a high-wick rejection candle.
The DOGE price retraced 12% and retested the shared support of $0.133 and 50-day EMA. The buyers managed to rebounded from this support but still struggled to surpass the overhead resistance($1.52).
During the first half of the day, the coin price teases a bullish breakout from $0.152, with a massive pump in trading volume. However, the sellers defended this level with vigor and forced a candle to close below the resistance($0.152).
The possible reversal could resemble a double top pattern and accelerate the selling pressure with $0.122 support.
Technical indicator
The OBV indicator shares a bearish divergence concerning the recent swing high at $0.152 resistance. This divergence accelerates the possibility of a bearish reversal and fallout from $0.133
However, the DOGE price is sandwiched between the 50-and-100-day EMA, forming a short consolidation range. Moreover, the 20 and 50 EMA provides a bullish crossover near $0.133 support, strengthening the buyers’ defense from the bottom.
- Resistance levels- $0.152 and $0.167
- Support levels- $0.13 and $0.11
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