According to CoinMarketCap dogecoin The price of (DOGE) has fallen slightly in the last 24 hours. But this fix doesn’t tell the whole story. Because meme coin managed to overcome major resistance levels over the past week. After the last 24-hour loss, the bulls seem to have stepped back to resurrect the price of the meme coin.
Dogecoin Price Analysis
DOGE managed to rise above the $0.07755 resistance level in the last 5 days. In this context, it reached a high level of $0.08189. However, in the following 48 hours, the bears meme coin was quick to force its price back below that point. In this context, it closed Monday’s trading session below this barrier.
Sellers then attempted to force DOGE’s price below the next important support level at $0.07195. Before the bulls fend off the attack of the bears cryptocurrency They managed to temporarily drag the unit to $0.06880 yesterday. In this context, the altcoin closed yesterday’s daily candle at $0.07244.
Over the past 24 hours, the bulls appear to have rejoined DOGE’s charts. Moreover, technical indicators showed that the bulls are starting to move away from the slight advantage currently held by the bears.
First, the daily Relative Strength Index (RSI) line was approaching the RSI Simple Moving Average (SMA) line. This happened after the two lines showed a downward trend over the previous 48 hours. It is possible that the RSI line will manage to break above the RSI SMA line in the next 24-48 hours. If this happens, bulls could rejoice at a significant bullish technical flag.
It is possible that this will motivate buyers to increase the price of the meme coin in the next few days. However, traders and investors are likely to want to keep an eye on the Moving Average Convergence (MACD) indicator as it signals a potential continuation of DOGE’s negative trend. This downtrend will be erased if the MACD line rises above the MACD Signal line again.
The bulls are likely to continue strengthening against the sellers. If this happens, DOGE price is likely to try to form a base above $0.07755 in the next few days. It is possible that this bullish thesis will be invalidated if DOGE closes its daily candle below $0.07195. In this more bearish scenario, DOGE could fall to the next key level at $0.06775.