With bulls in control, DOGE is eyeing additional short-term gains and the coin is now trading laterally and registered a 7% appreciation so let’s read more today in our latest Dogecoin news.
The meme coin stabilized on the $0.06 support line with the key support level being at $0.064 with bulls in control. For DOGE to continue on the bullish path, the demand for the coin has to remain positive and on the four-hour chart, DOGE is targeting the $0.27 level but the buying strength is positive still and there were minor declines in the buying pressure on the charts. If the buying strength declines, a pullback is in order for the meme coin but the bulls will lose steam if the coin doesn’t manage to trade below the $0.064 level for a period of time. With the BTC price showing signs of upward movement, the altcoins registered relief on the charts.
The global crypto marekt cap is $997 billion with 1.7% positive changes in the past day. DOGE was trading at $0.069 and the coin registered sideways trading but managed to gain in the past weeks with buyers now outnumbering sellers but if DOGE doesn’t move above the $0.070 mark, the buying strength could lose momentum. This could cause DOGE to revisit the $0.047 support and if DOGE moves above it, start trading for a long period of time, and jumps to $0.094, DOGE could rise higher. The amount of DOGE traded in the last session dropped which signifies a fall in the selling pressure that remained a bullish sign.
With the price of the coin increasing the demand for DOGE also moved upwards, the buying strength increased and the Relative Strength Index was pictured above the half-line. The reading showed positive buying strength and some stronger bullish action but a smaller downtick on the indicator was noted. The Moving Average Convergence Divergence shows there’s price momentum and the MACD underwent a bullish crossover, flashing green signal bars. The green signal bars suggested strong buying opportunities.
DOGE’s price action was headed in a bullish movement but the coin traded laterally for some time and reflected on the indicator that is seen on the charts. The Bollinger Bands are tied to depicting changes in the price movement and the Bollinger Bands opened up a little but were mostly parallel suggesting that the price of the coin might not undergo heavier movement. The directional movement index shows price trends and strength of the same while the DMI was positive. The Average Directional Index increased above the 20-mak which represented the price trend was gaining momentum on the charts.
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