- The DOGE coin price has completed the retest on the $0.07744 support level.
- Dogecoin has delivered year-to-date returns of -5.18%.
Dogecoin (DOGE) is based on a popular internet meme that features Shiba Inu in its logo. It differs from Bitcoin’s proof-of-work (PoW) protocol by using scrypt technology. Dogecoin is primarily used as a tipping system on Reddit and Twitter to reward the creation and quality of content. It has a circulation supply of 143,106,066, 384 DOGE.
DOGE Coin Shows Balanced Performance Since 2022
The DOGE coin price has started a bullish rally from the $0.05992 major demand level. During that rally, the price surged almost 80% by making multiple short-term lows at the $0.07115 level which is playing a demand role for upcoming movements.
Previously, the DOGE coin price found resistance at $0.10709 post which, it retested 61% on the $0.07115 demand zone. The 200-Day EMA has also supported the price from falling below the demand zone can be seen in the chart.
The weekly return for the DOGE coin is only at 4.16% which makes investors a bit anxious about the current market trend. However, the price is moving in an upward direction and short-term profits can made to the $0.09855 resistance level.
The Dogecoin market capitalization and the 24-hour trading volume are placed 10th and 19th among 8,827 active cryptocurrencies registered in CoinMarketCap respectively. The all-time high of the price is $0.7376 level and the current price is 88.49% below it.
Technical Analysis of the DOGE/USD
The last bullish crossover of the 50-Day EMA and 200-Day EMAs happened at the $0.07021 level. Consequently, DOGE made a rally of 50% which found support on the 200-Day EMA.
The DOGE coin price has recently received a response from the $0.07744 support level. The price is up 14% after that reaction although it may seem like the bullish side is weak.
At press time, the price is trading at the $0.08505 level by making a negative candle. At this strength, there is a very low probability of breaking the $0.10709 resistance. However, crypto traders could book profits up to $0.09855 resistance.
Furthermore, the relative strength index (RSI) shows internal bullish divergence in the graph reflection of bullish sentiments. But, the strength is not as good as required. The RSI is moving at 58.91 above the 50-mark middle band.
Conclusion
The DOGE coin price established resistance at $0.10709. However, it is showing weak strength on the bullish side, it may surge up to the $0.09855 immediate resistance. The technical indicators are giving buy signals while the oscillators are negative about the current price.
Technical Levels
- Resistance Levels: $0.09855 and $0.10709
- Support Levels: $0.07115 and $0.05453
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.