Dogecoin retraces on all charts after displaying some stronger bullish momentum but is there another chance of an uptrend? Let’s have a closer look at today’s latest Dogecoin news.
Most of the market movers today were seen in the red and now DOGE has found support near the $0.06 region while it previously traded near $0.07. The technical analysis of the coin points to a chance of a new bullish run above this price level while BTC also retraced over the past day and was priced at $22,000. Most altcoins followed a similar price trajectory. The buying strength faded on the charts but the buyers outnumber the sellers on the market and if DOGE continues the price trajectory then the buying strength will be replaced by the selling strength.
Dogecoin retraces on all charts after it showed a short rally and there’s a chance of retracement before the coin moves on the upside. We should wait and see whether DOGE will be able to reclaim a higher level as the buying strnegth remained crucial. DOGE was trading at $0.0686 after the retracement but the coin managed to secure a position above this support line. The overhead resistnace for the coin was set at $0.0726 and moved above the resistance of $0.0781.
If the coin picks up momentum, it will be able to trade above the $0.0840 mark and further southbound movement can push it above $0.0575 and below the $0.0500 support. The trading level of DOGE dropped after a fall in buying strength which is often a sign of declining bullishness. DOGE noted a sharp drop in the number of buyers but the buyers were not able to hold on to the momentum. A slight decline in the buying strength can make the selling pressure stronger.
The RSI dipped on the charts and was close to a half line which meant there was a fall in the buying pressure. The price of DOGE was peeking below the 20-SMA line which only showed that sellers could start driving the price momentum on the charts. The meme coin was above the 50-SMA and 200-SMA that indicating a bullish momentum that didn’t fade out entirely. The meme coin showed signs of change in the price action on the charts while the MACD indicator shows a price momentum and a reversal in the same. The MACD displayed a bearish crossover and formed a red histogram on the chart.
The sign was tied to a flip in the price direction while the Directional Movement Index shows the price movement and the direction. The DMI was negative while the Average Directional Index dropped below the 40-mark showing the price trend is slowing down.
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