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DOGECOIN Price Analysis: DOGE Token Finds Huge Demand As The Overall Market Sentiments Turns Iffy

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  • DOGE coin price boosted more than 50% in the past 48 hours as the buying pressure increased near the $0.17 level.
  • The coin price manages to rise after making a morning star pattern near the 200 EMA. 
  • The DOGE/BTC pair trades at 0.000007503 with an intraday growth of 7.42%
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DOGE coin price fell more than 70% due to the sudden, sharp sell-off near the $0.68 level with a massive selling volume. The increased selling pressure resulted in the breach of $0.56, $0.43 level, and the 50 EMA in the daily technical chart.

Eventually, the coin price managed to find support near the $0.17 mark close to the 200 EMA and made a bullish engulfing pattern with a boom in buying pressure resulting in a high momentum uptrend.

The uptrend has resulted in the growth of the market cap by more than 50% in the past 48 hours. However, the nearby resistance levels may push the price back down. 

The resistance trendline made from the heights of $0.56 is still intact may induce further downside movement. Suggestions to wait for the trendline breakout might prove a good entry point for investors.

Presently, the DOGECOIN price is $0.2527, with a boom of 2.00% in the intraday trading volume. The market cap of DOGE has risen 6.22% in the past 24 hours. The coin is ranked 6th in the crypto-verse and dominates 2.45% of the crypto market.

DOGECOIN Bulls Vs. The Bearish Trendline, Investors Wait Eagerly

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DOGECOIN price has performed a price reversal with a boom in buying pressure. However, bulls face the solid resistance trendline that might soon reverse the uptrend. 

As per the 4-hour timeframe, the coin price is trading just above the 50 (yellow) but struggles to rise above the 200 (white) EMA, which indicates a weak uptrend. The coin price is also driving back down from the resistance trendline, projecting underlying sentiment turning bearish. 

The RSI (bearish) indicates bearish momentum as the RSI line dips near the overbought zone and might soon head lower.

The ADX indicates a fall in trend momentum as the slope in ADX falls, projecting the uptrend has lost momentum.

Conclusion – DOGECOIN price is projecting a reversal soon from the resistance trendline showcased in the daily technical chart. Furthermore, the coin price may quickly breach the $0.17 mark as soon as the downtrend gains momentum.

Investors may find this as an exit signal. However, the breakout of the trendline might provide an entry point, but the overall sloping market projects little to no possibility of a bullish breakthrough.

Support– $0.17 and daily 200 EMA

Resistance– $0.46