Why is the Dogecoin (DOGE) Price Up Today?

Why is the Dogecoin (DOGE) Price Up Today?


Dogecoin’s price returned below the key resistance, with bulls determined to break it. Let’s examine a few different technical indicators that may provide important insights into where the market is currently at and where it might be headed next.

Key Support levels: $0.17, $0.13

Key Resistance levels: $0.21, $0.31

1. Key Resistance About to Break

DOGE has recovered fully from the most recent pullback, and its price is testing resistance at 21 cents. If buyers manage to break above this key level and turn it into support, then DOGE might rush to 31 cents next.

Chart by TradingView

2. Momentum Turns Bullish

While the volume did not make a higher high, the price and momentum are firmly on the bull side. A breakout above 21 cents can bring back buyers, which can spike the volume to new highs as well.

Chart by TradingView

3. Daily MACD Curving Up

Another sign of strength is found on the daily MACD, which shows the moving averages curving up. If this continues, they will make a bullish cross that could coincide with a break above 21 cents.

Chart by TradingView
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *