Dogecoin (DOGE) was on a long-term downslide for more than four months. This bearish phase saw a down-channel trajectory (white) on the daily chart.

Assuming there is a strong rejection of higher prices at the convergence point of long-term trendline resistances (dashed lines), DOGE could see a short-term pullback before the bullish rally continues. Any close below the $0.14 zone could lead to a test of the $0.13 support before buying bounces back. At the time of writing, DOGE was trading at USD 0.1496, up 3.17% in the last 24 hours.

DOGE Daily Chart

Source: TradingView, DOGE/USD

Since its October high, the alt has lost most of its value when it fell to a 10-month low on Feb. 24. During this fall, DOGE witnessed a four-month descending channel (white).

Due to the demise, the altcoin lost the crucial long-term liquidity range of $0.14 mark (Point of Control/POC), a range that offered the highest liquidity in the past three months. The latest recovery saw a pattern breakout after the alt rolled back from its long-term support of $0.11. As a result, the price jumped to its 20/50 EMA and claimed the lost POC.

The POC would be an important area to confirm the strength of the current rally. With the confluence of resistances created at the current level, a pullback from here would find a test near the POC in the $0.14 zone. But with the 20 EMA undertaking a bullish crossover, the bulls confirmed their increasing lead over the coming days.

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Source: TradingView, DOGE/USD

Since last week, the price has seen higher spikes as the RSI struggled to match its weekly high. This reading revealed a weak bearish divergence on the daily chart. Furthermore, the CMF marked lower highs during this period, indicating a bearish divergence with the price. A possible relapse could therefore be lurking around the corner.

Conclusion

Given the values ​​of the RSI and CMF, a pullback towards the $0.13-$0.14 zone is likely. With the EMA jumping above the 50 EMA in the near term, the bulls are likely to continue their rally in the coming days.

Also, the dog-themed coin shares a whopping 96% 30-day correlation with the king coin. Keeping an eye on Bitcoin’s movement would thus complement these technical factors.



This post Here’s What To Expect From Dogecoin As It Approaches $0.15

was published first on https://ambcrypto.com/heres-what-you-can-expect-from-dogecoin-as-it-approaches-0-15/

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