Dogecoin bulls are poised to push DOGE higher. Dogecoin price is falling further after it was rejected by the 200-day SMA on Wednesday. DOGE price is still in an uptrend and saw the bulls already reacting in a buy-bottom mentality. According to analyst Filip L., it should wait for the price to correct a bit more first, which gives the bulls a better window of opportunity to continue for the long haul. Detail cryptocoin.com‘in.
Future levels for Dogecoin
Dogecoin (DOGE) price is in the consolidation phase as the daily price candles are shrinking in size, but a clear pennant or flag price pattern is yet to appear. While DOGE price looks heavy, expect it to be limited further downside with bulls ready to buy any dips that may occur. Wait for the bulls to defend the $0.24 zone and push the 200-day Simple Moving Average (SMA) above about $0.29 until next week. Dogecoin price is falling further today after Wednesday’s drop. Following this, the bulls were eager to buy the dip near $0.24, which is reflected in the bounce from the red descending trendline. As the DOGE price recovered quite quickly during the day and returned to more moderate levels, the lengths of the candles began to decrease. This signals consolidation as the bears move away from attempts to further the price action to the downside.
When the Relative Strength Index (RSI) stabilizes overall, the bulls should have sufficient reason and support to create more long positions in DOGE price as it provides a return to $0.35 on the upside. The only challenge the bulls may face on their way up will be the 200-day SMA, which is currently resisting any tests from below. The bulls will need to pick up the buy-side volume to push the bears out of their short positions and squeeze them.
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