In the past month, Dogecoin [DOGE] bulls appeared to hinder the sell wave after the alt fell from the $0.12 level. As a result, it saw a rebound above the 20 EMA (red). However, DOGE struggled to find a fleeting escape away from the Point of Control (POC, red).

With the bearish hammer candlestick rejecting higher prices in the $0.07 zone, red candlesticks could be causing a rather sluggish phase on the charts from now on. At the time of writing, DOGE was trading at $0.0712, up 3.62% in the past 24 hours.

DOGE Daily Chart

Source: TradingView, DOGE/USD

After flipping the USD 0.159 resistance, DOGE lost more than 70% of its value and spiked its 15-month low on June 18. Meanwhile, the meme coin maintained its position below the 50 EMA (cyan) reflecting a prolonged bearish edge.

Also, the altcoin dipped below the nine-month trendline resistance (white, dashed) and reconfirmed selling strength from a long-term perspective. With the 61.8% Fibaqoncci level standing firm, the bulls still needed to ramp up buying pressure to change the broader trend.

Over the past month, DOGE formed a symmetrical triangular structure in the daily time frame. Given the previous downtrend, the coin could see a setback in the coming sessions if the bulls don’t intervene. Any break below the 20 EMA could trigger a sell off towards the $0.05 zone.

However, a bullish intervention near the $0.07 could help buyers get more. Any recovery above the 50-55 EMA would help bullish efforts. The 61.8% level would continue to raise hurdles in this case.

rode

Source: TradingView, DOGE/USD

The RSI eventually broke the 50-52 range to claim a bullish edge. Bulls still had to hold the buy series to consistent gains beyond the trendline resistance on the chart.

The OBV resonated with the increased buying pressure, but the recent spikes saw a bearish divergence with the price. Also, the DMI lines coincided with the previous readings to reflect a buying advantage. But the ADX showed a significantly weak directional trend for DOGE.

Conclusion

DOGE was walking on thin ice at the time of writing. An inability of the buyers to close above the 20/50 EMA could rekindle selling power. In that case, the objectives remain the same as discussed. On the downside, a robust close above the 50 EMA could invalidate bearish trends.

Finally, the dog-themed coin shares a 51% 30-day correlation with the king coin. Keeping an eye on Bitcoin’s movement would thus complement these technical factors.



This post Dogecoin: This Price Level Can Make or Break Your Wallet

was published first on https://ambcrypto.com/dogecoin-this-price-level-could-make-or-break-your-portfolio/

Author

Write A Comment