in

Dogecoin bulls pouncing on the $0.33 mark after bulls breached $0.30

Cryptopolitan


TL;DR Breakdown

  • Dogecoin price analysis is bullish after the price action hit crucial level
  • Buyers need to be more decisive in order to steer a solid uptrend 
  • dogecoin price rally is signaling positivity on the 1-hour chart with a breakout focused on the $0.33 mark

Dogecoin Price Analysis General Overview

Dogecoin price analysis is bullish after the price action hit a solid uptrend above a crucial resistance level at $0.30. As a result, the Dogecoin 24-hour chart has formed an ascending trend line and built strong support near the 200-day simple moving average. The meme coin witnessed several weakness signals while attempting to break out of this resistance level and got rejected multiple times. Pushing the bulls back to the $0.29 trend line to restructure and consolidate firmly against $0.30. 

Buyers need to be more decisive in order to steer a solid uptrend beyond this point from now henceforth and make the $0.45 target, reality. A more substantial barrier lies between the current market price and the overhead target. The momentum will pick on if they are able to cross another price hurdle located at the $0.45. However, we are hoping that profit-taking sellers will not build a supply zone along this ascending channel. 

24-hour Dogecoin Price Analysis: Bearish ease of movement suggests heightening supply zone

During press time, a solid dogecoin price rally is signaling positivity on the 1-hour chart with a breakout focused on the $0.33 mark. If the bulls can push this sentiment further upwards, Dogecoin will most possibly squeeze the daily high. At which point, they can easily counter the bears underneath the $0.35. The primary objective is to break out of this point and quickly steer an upside. 

Source: Tradingview

Richard Arms’ Ease of Movement indicator oscillates below the zero value, which denotes the receding August rally that saw the Dogecoin price rise by almost 120 percent. Dogecoin’s  Ease of Movement indicator shows when the asset is being bought or accumulated. Values below zero are generally bearish and denote distribution.  

Therefore, traders are urged to remain intact because this negative signal results from profit-booking sellers and will only last for a short time. 

4-hour Dogecoin Price Analysis: DOGE/USD balance of power is bullish

Dogecoin price analysis
Source: Tradingview

Dogecoin price analysis indicates that short-term exhaustion cannot easily drive the price downwards when more break-even opportunities are at the top. The daily DOGE/USD chart shows an intraday high of $0.32. Meanwhile, the coin’s daily range is pretty tight with a 1-point difference. Thereby suggesting mild volatility and a disadvantage for day traders. A potential buy signal is gaining shape on the 4-hour chart, and as per the Balance of Power indicator, the bulls are ahead of the bears.

The Balance of Power Indicator or (BOP) is oscillating above zero, indicating the market is biased against sellers and more focused on consolidating momentum for near upside. Our 4-hour chart paints the persistently moving bulls’ attempt to break out and form a diergence beyond $0.33.  The medium-term candle sticks recorded since Tuesday show the potential of the upside, and according to our Dogecoin price analysis, our sentiment remains bullish for the next 24 hours. 

Dogecoin price analysis bottom line

Dogecoin price analysis bulls managed to sustain momentum around $0.29 and overturned a descending channel that had begun forming on the weekly chart. Buyers are enthusiastic to breach the $0.35, which will set the price action focus to $0.45. On the contrary, failure to break the $0.35 resistance level will possibly pull the price towards the 20-day exponential moving average. A price movement that could have dogecoin touch the next support near $0.21. 



Source link

Leave a Reply

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

GIPHY App Key not set. Please check settings

What do you think?

Recent Trends in Blockchain for Information Systems Security and Privacy

Recent Trends in Blockchain for Information Systems Security and Privacy

The best places to buy CryptoZoo (ZOO), the Logan Paul linked project

The best places to buy CryptoZoo (ZOO), the Logan Paul linked project