Over the past five days, DOGE managed to surpass the resistance level at $0.07755, reaching a peak of $0.08189. Nevertheless, within the following 48 hours, bears swiftly pushed the price of the meme coin below this threshold, concluding Monday's trading session below it.
Subsequently, sellers made an attempt to push DOGE's price below the next significant support level at $0.07195. They succeeded in briefly lowering the cryptocurrency to $0.06880 yesterday, but bulls defended against the bearish pressure, resulting in the altcoin's closing price for the day at $0.07244.
In the last 24 hours, it appears that bulls have once again entered the DOGE market, as indicated by the current green daily candle. Additionally, technical indicators suggest that bulls are gradually reducing the slight advantage held by bears.
Firstly, the daily Relative Strength Index (RSI) line is approaching the RSI Simple Moving Average (SMA) line. This comes after the two lines had a bearish crossover in the previous 48 hours. If the RSI line manages to surpass the RSI SMA line within the next 24-48 hours, it could signal a significant bullish development, potentially inspiring buyers to drive the meme coin's price higher in the coming days.
However, it's important for traders and investors to keep an eye on the Moving Average Convergence (MACD) indicator, which currently suggests a possible continuation of DOGE's downward trend. This bearish outlook would be invalidated if the MACD line crosses back above the MACD Signal line.
If bulls continue to strengthen their position against sellers, DOGE's price may aim to establish a foundation above $0.07755 in the next few days. On the contrary, if DOGE closes a daily candle below $0.07195, it could potentially decline to the next significant level at $0.06775, challenging the bullish thesis.
Subsequently, sellers made an attempt to push DOGE's price below the next significant support level at $0.07195. They succeeded in briefly lowering the cryptocurrency to $0.06880 yesterday, but bulls defended against the bearish pressure, resulting in the altcoin's closing price for the day at $0.07244.
In the last 24 hours, it appears that bulls have once again entered the DOGE market, as indicated by the current green daily candle. Additionally, technical indicators suggest that bulls are gradually reducing the slight advantage held by bears.
Firstly, the daily Relative Strength Index (RSI) line is approaching the RSI Simple Moving Average (SMA) line. This comes after the two lines had a bearish crossover in the previous 48 hours. If the RSI line manages to surpass the RSI SMA line within the next 24-48 hours, it could signal a significant bullish development, potentially inspiring buyers to drive the meme coin's price higher in the coming days.
However, it's important for traders and investors to keep an eye on the Moving Average Convergence (MACD) indicator, which currently suggests a possible continuation of DOGE's downward trend. This bearish outlook would be invalidated if the MACD line crosses back above the MACD Signal line.
If bulls continue to strengthen their position against sellers, DOGE's price may aim to establish a foundation above $0.07755 in the next few days. On the contrary, if DOGE closes a daily candle below $0.07195, it could potentially decline to the next significant level at $0.06775, challenging the bullish thesis.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.