Dogecoin (DOGE) The price has been trying to break the $0.152 resistance for the past two weeks. Besides, traders who were selling aggressively higher lowered DOGE below this resistance, showing a “long-tailed” rejection candle. As a result, sustained selling could bring Dogecoin down 7% to $0.133.
Key Points in Dogecoin
- The OBV indicator remains bearish on the daily chart.
- The 20 and 50-day EMAs are forming a bullish crossover.
- Dogecoin’s last 24-hour trading volume is around $2.1 billion. This represents an increase of 112%.
A future rise from the falling wedge pattern triggered Dogecoin’s recovery rally on March 19. Rally after retest, meme coin‘s by 30% and increased to 0.12 resistance. However, sellers failed to support the rally and lowered the price with a high wick reject candle. DOGE price is down 12% and retested the common support of $0.133 and the 50-day EMA.
In the first half of the day, Dogecoin price is rising from $0.152 with a huge momentum in trading volume. However, sellers vigorously defended this level and forced a candle to close below the resistance ($0.152). In case of a possible reversal, the chart might look like a “double top” pattern and strengthen the selling pressure with the $0.122 support.
Dogecoin Technical Indicators
- The OBV indicator reflects the bearish divergence at the $0.152 resistance. This divergence accelerates the downtrend at $0.133.
- However, DOGE price is stuck between the 50 to 100-day EMA forming a short consolidation range.
- Besides, the 20 and 50 EMAs are forming a bullish cross near the $0.133 support, strengthening the buyers’ defenses from below.
- Resistance levels – $0.152 and $0.167.
- Support levels – $0.13 and $0.11.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.