- The price broke a crucial resistance line after seeing a month-long downward correction to around $0.002274.
- After gaining 20% in less than 24-hours, DOGE is currently trading at $0.027.
DOGE/USD: Pulling Back After Insane Rally
Key Resistance Levels: $0.0029, $0.0030, $0.0035
Key Support Levels: $0.00269, $0.00259, $0.0025
The latest surge in the price of Doge Coin has drawn a lot of attention to a potential bull run with almost 20% increases over the past 24 hours. The massive gain was characterized by six bullish candles after rising above the $0.0023 level.
However, the buyers reached an exhaustion point at $0.0029 level and briefly lost control to sellers at $0.0027 at the time of writing. DOGE is expected to resume its uptrend as soon as buyers regroup.
But looking at the bigger picture from a technical perspective, a nice retracement is needed for the strong and healthy growth of the 33rd largest cryptocurrency by market cap. Nonetheless, it is currently looking bullish on the 4-hours chart.
DOGE Price Analysis
Following the current bullish exhaustion at $0.0029, it is evident that the price is slowly falling on the intraday, which could be categorized as a healthy retracement.
The price is trading near $0.00269 support, the June high that got broken yesterday. The next retracement level to watch is $0.0259 and $0.0025. It is essential to keep an eye on the $0.002377 (the break level) if all these mentioned levels fail to produce a rebound.
For the next upswing, the buyers would need to reclaim the daily high of $0.0029 before breaking to around $0.003 and perhaps $0.0035 in the next couple of days.
DOGE/BTC: Doge Currently Facing 9-Month Resistance
Key Resistance Levels: 30 SAT, 33 SAT, 37 SAT
Key Support Levels: 27 SAT, 25 SAT, 23 SAT
Against Bitcoin, DOGE is currently up by 17% today, but the price continued to face an important resistance line forming since October 2019. It is now changing hands around 30 SAT following a drop from the 31 SAT level.
DOGE Price Analysis
A daily close above this crucial resistance line at 30 SAT could initiate a new increase towards the 33 SAT and 37 SAT resistance levels. A push above these levels could trigger an intense buy action for the coin.
On the other hand, it may remain in a perpetual bearish condition if the price continues to respect the 9-month resistance line, marked yellow on the chart. In this case, support to watch out for is 25 SAT and 23 SAT, which is holding for the past two years.
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