- A death crossover has been generated in the key moving averages of Dogecoin.
- The DOGE price has formed a rejection candle by defending the $0.100 hurdle.
In the last week of February, the DOGE price triggered a bullish momentum and surged by 140% in a week. According to the chart structure, the bull run came to an end near the $0.220 hurdle. Dogecoin remains the top meme coin in terms of market capitalization.
Since April, the Dogecoin price has lost around 50% till now which has eliminated most of the holders. Fresh mass buying may trigger a bullish momentum. Since March, the price was defending the major support level of $0.130 but it triggered a breakdown in mid-June.
Dogecoin Price Analysis on Weekly Timeframe
COINBASE: DOGE/USD 1-W Timrframe By TradingView
On a weekly time frame, the Dogecoin price has risen by taking support on the trendline. The trendline and the 200-day exponential moving average are at the same level.
The DOGE price had slipped below the 20-day EMA and has reached the 200-day EMA and the trendline at press time. The price was forming the bullish candlestick on the trendline which is a sign of a bullish forecast.
Suppose the price engulfs the previous candlestick, buying momentum can be expected. The price over the trendline till mid-July might attract investors for an upsurge. On the other hand, assuming the price starts trading below the trendline, strong selling pressure can be seen.
Is DOGE Price Planning Big After Liquidity Grab Below 200-day EMA?
Dogecoin crypto was being traded at $0.108 at press time which has lost 0.88% in the past 24 hours. The market capitalization was $15.73 Billion and the 24-hour trading volume was $751.46 Million.
The technical chart displays that the DOGE price has slipped below the 200-day EMA. It hasn’t continued the bearish trend after the breakdown. It seems like buyers have shown interest and tried to push the price at the time of writing.
Suppose the buyers manage to surpass 200-day EMA, most of the sellers might get trapped below the major support level. Liquidity grab may lead to solid buying pressure.
Alternatively, if the digital asset price fails to surpass the 200-day EMA then sellers may get the opportunity to lead the trend. If the price fails to defend the $0.0800 mark, bears may look for the $0.0600 hurdle.
Is History Going to Be Repeated?
$DOGE monthly chart fractal
— Cantonese Cat 🐱 (@cryptocantoncat) July 9, 2024
Outside upper Bollinger band, back-test 20 month SMA, before riding up a lot higher? pic.twitter.com/TZLeluv6li
A source on X shows that the Dogecoin price had triggered a massive bullish momentum at the end of 2020. The price retested the 20-month SMA on the monthly time frame and displayed huge bullish momentum. At the time of writing, the same scenario has been generated, and expecting one more bull run.
Will the DOGE Price Rebound or Decline Further?
According to the technical analysis, the DOGE price seems to be at a critical point. If buyers manage to push the price above the 200-day EMA, it could trigger strong buying pressure and trap sellers below the major support level. On the other hand, if the price fails to defend the $0.0800 mark, bears may take the lead and look to test the $0.0600 hurdle.
Technical Levels
DOGE price may face resistance from the $0.130 and $0.165 levels. The price is expected to take support at the $0.100 and $0.075 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
