Will Dogecoin Price Sustain The Bull Run This week?

DOGE remains one of the strongest-performing cryptocurrencies this week and continues to hold buyers’ attention. However, the rally slowed down since yesterday, resulting in higher price rejection from a crucial overhead resistance. So, will the uptrend sustain in Dogecoin price this week, or is a reversal in order?

Key points:

• The Dogecoin price reverses from the $0.135 resistance 
• The daily-RSI slope shows a contraction in the overbought zone. 
• The 24-hour trading volume in the Dogecoin coin is $5.6 Billion, indicating a 54% loss.

Source-Tradingview

Cooling down after a huge bullish rally last week, the Dogecoin price trend shows a strong signal of retracement to retest some of the crucial levels. Currently, the daily candles offer higher price rejection from the overhead resistance at $0.135. 

Nonetheless, the DOGE remains one of the most trending coins this week and attracts more buyers in the market. As of now, the memecoin trades at $0.1278 and shows an intraday gain of 8.7%. The massive reversal in the last few days candles trapped the market price within $0.135-$0.111, teasing a consolidation range formation. 

A daily candle breaking this sideways range formation would offer an entry opportunity to capture a high-momentum rally. Currently, the daily candle maintains a bullish vibe and projects a high possibility of an uptrend sustaining this week.  

Therefore, a bullish range breakout could test the $0.152 resistance level, accounting for a price jump of 18%. 

However, any correction in the global markets can influence the selling of the meme coin driving it below the $0.11 support level. Thus, development could trigger a longer correction for Dogecoin price and retest the $0.0937 flipped support

Technical indicator

RSI indicator: After shattering into the overbought zone, the RSI slope spikes contracts reflecting a short retirement to sustain the uptrend. 

EMAs: The bullish crossover in the 50 and 100-day EMA increases the uptrend and a golden crossover possibility. However, a large gap between the coin price and the moving average indicates excessive buying in a short period. Thus, a correction phase is needed to stabilize the prices

Dogecoin Price Intraday Levels

• Spot rate: $0.128
• Trend: Bullish
• Volatility: Medium
• Resistance levels- $0.135 and $0.15
• Support levels- $0.111 and $0.0935