Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible
- DOGE’s price holds above $0.08 as the price gears for a rally to a possible high of $0.15.
- DOGE’s price remains strong as bulls reclaim $0.088 despite uncertainty in the market traders and investors remain cautious.
- DOGE’s price bounces from a low of $0.07 on the daily timeframe as the price reclaims $0.088 as price trades above the 50 Exponential Moving Average (EMA)
In recent weeks, the price of Dogecoin (DOGE) has been a standout performer rallying with over 150% profit and creating more euphoria about how the bull run would be for many traders and investors. Despite the relief bounce and uncertainty surrounding the crypto market due to the FTX fiasco, the price of Dogecoin (DOGE) has continued to show immersed strength, holding nicely above the key support zone of $0.075. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart
Despite the uncertainty and turbulence that has affected the price of Dogecoin (DOGE) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.
Dogecoin (DOGE) has suffered more price loss, as the price dropped from a high of $0.73 to a weekly low of $0.055, leading to speculation of a further drop to $0.03 as price rallied to a high of $0.15 before facing a rejection.
DOGE’s price declined from a weekly high of $0.15 to a region of $0.073 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low.
Weekly resistance for the price of DOGE – $0.95.
Weekly support for the price of DOGE – $0.08.
Price Analysis Of DOGE On The Daily (1D) Chart
The price of LINK remains considerably strong in the daily timeframe as the price trades above $0.085 after DOGE saw its price decline from $0.15 to $0.073 recently.
DOGE’s price needs to break and hold above $0.095 for the price to have a chance to rally high to a region of $0.15 and possibly $0.2 as the price looks good trading above the 50 and 200 EMA values of $0.085 and $0.083 respectively acting as minor support on the daily timeframe.
The price of DOGE needs to reclaim and trade above $0.1 for a short-term relief bounce. If the price of DOGE fails to flip the region of $0.1 and gets rejected below $0.07, we could see more rejections in DOGE price.
Daily resistance for the DOGE price – $0.095.
Daily support for the DOGE price – $0.08.
Featured Image From zipmex, Charts From TradingviewCredit: Source link
