Dogecoin (DOGE), one of the dog coins that became famous with the tweets of Tesla CEO, famous billionaire Elon Musk and woke up from its hibernation for years, takes its place in the market as the 9th best crypto currency.
DOGE, which left its mark on this year with the Shiba Inu (SHIB), continues to remain silent after the recent rises in the SHIB side.
Technically making good progress, but waiting for support for the upward movement, DOGE has not been able to rise yet despite Musk’s tweet on Friday.
DOGE, which experienced a short-term pump after Musk stated that he would become a Doge trillionaire, returned to the point where it started again after the resistance it faced horizontally.
Despite this regression, DOGE, which maintains its strong stance, is trading at $0.261 as of publication time.
The Key Point for the Rise in the Stuck Price!
DOGE, which has come to an end in the red downtrend on the daily chart since June, is trying to break this trend upwards.
The price, which seems to be getting stuck in this triangle, is getting stuck on the side of the bollinger bands and preparing to explode.
It is stated that $0.2732, which the price tried several times in October, is the key level that will open the upward process in DOGE.
It is thought that if DOGE, which is above the falling trend in today’s candle, closes the candle above this key level, the increase in price will accelerate and try the next resistances.
At this point, the $0.2917 – 0.3146 and $0.3517 levels after the key level are seen as important resistances for the price. The most important of these resistances and the major resistance level, around $0.35, is expected to be the long-term key point in the price.
Finally, the MA200, which corresponds to $0.2794 in DOGE, which is seen to be in an uptrend on the RSI indicator, should not be ignored.
While this level is expected to apply resistance to the price, the $0.2496 – $0.2546 range can also be considered as a support zone.
As an extra, the last “I don’t hold SHIB” message from Elon Musk may make investors slide into DOGE. In this way, the expected rise in DOGE can begin.
* The above does not constitute investment advice, please make your own investment decisions yourself.