- DOGE’s price shows strength as it bounces from a downtrend range as price rallied to a high of $0.085 with eyes set on $0.1.
- DOGE could rally more if the price breaks and closes above $0.1 with good volume, as the price of DOGE looks bullish now.
- DOGE’s price remains strong on the daily timeframe above the 50 and 200 Exponential Moving Averages (EMA) as the price aims for more rallies.
The price of Dogecoin (DOGE) has been one of the standout performers during the past few days, gaining the attention of many traders with the news of Elon Musk finalizing the ownership of Twitter becoming an increasingly fundamental to propel the price of Dogecoin (DOGE) to $0.1. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. DOGE’s price rallied from $0.05 to a region of $0.085 as the price aims to take the market by its horn. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart.
In recent times, Dogecoin has struggled to regain its bullish momentum as the price has had a more quiet time ranging in a weekly low of $0.05; despite the uncertainty that has befallen the crypto space, the price of DOGE held its ground as price defended its key support area of $0.05.
DOGE’s price had struggled to replicate its rally that took the price of DOGE to an all-time high of $0.75 before it faced rejection to trend higher.
After trading in a range for weeks as the price continued to look difficult to trade due to little to no volume to push the price higher as the price continued to look stagnated, the price of DOGE finally showed some movement with the positive news of Elon Musk taking over Twitter as this has become a catalyst for price movement.
Weekly resistance for the price of DOGE – $0.1.
Weekly support for the price of DOGE – $0.0.068.
Price Analysis Of DOGE On The Daily (1D) Chart
In the daily timeframe, the price of DOGE continues to show a more bullish scenario as the price rallied to a high of $0.85 before facing resistance to the trend to a region of $0.1.
The price of DOGE needs to break and hold above $0.87 for the price to trend higher to a region of $0.1, which is a key supply zone for most traders. If the price of DOGE fails to break and hold above this level we could see the price retesting the region of $0.075-$0.07
Daily resistance for the DOGE price – $1.
Daily support for the DOGE price – $0.75-$0.07
Featured Image From zipmex, Charts From Tradingviewby jamesobande on October 29, 2022 at 01:34AM
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