- Dogecoin is forming a high-low due to the recent rally.
- Investors are hoarding DOGE tokens above the 20-day EMA.
- The volume Oscillator indicator shows neutral changes in volume.
Dogecoin price is forming a high-low despite the recent decline. Buyers lost almost 10% of their gains on the monthly price scale as prices fell in August. Thus, at the time of writing, the DOGE price against the USDT pair is trading at the $0.0640 mark.
Last week, investors witnessed a sideways trend, but buyers looked aggressive this week, as a result, MEMEcoin looks 1% higher so far, however, this week is more volatile than the previous one.
Buyers are barely maintaining the weekly price of candles above the previous candle. Bulls may close the weekly price candle in the green zone this week. The next resistance will be if the price breaks above the previous swing high of $0.085.
Meanwhile, DOGECoin’s market cap has risen 1%, to a record $8.48 billion in the last 24 hours according to CMC data. Trading volume increased this week, reaching $454 million last night. Furthermore, the price of DOGE fell by 1.8% to 0.000003 satoshis with the bitcoin pair.
In terms of the daily price scale, investors are hoarding DOGE coins above the 20-day EMA, which could act as immediate support if the bulls close the weekly price in the green. Nevertheless, the Volume Oscillator indicator shows a neutral change in volume.
DOGE Price Reversed Near Bullish Trendline
The daily RSI indicator has reached a half-line (50-point), which suggests a slight correction in the Dogecoin price. Furthermore, the MACD indicator is showing a bullish crossover inside the neutral zone in the context of the daily price scale.
Conclusion
Dogecoin is moving above the 20-day moving average on the daily price scale. Although the RSI indicator suggests a correction in the price, the MACD indicator is still in negative territory.
Support levels – $0.055 and $0.040
Resistance level – $0.10 and $0.12
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.