The DOGE price short-term downtrend made a new lower low at $0.137. The technical chart shows strong support from this level and a rally started. Today, a recent tweet from billionaire Elon Musk that all Tesla goods can be purchased with Dogecoin triggered a sudden pump in the price of its coin.
Main technical points:
- Daily RSI crosses above neutral zone
- Dogecoin’s 24-hour trading volume is $5.6 billion, showing a 242% increase.
The source-Tradingview
In our final DOGE price analysis , the DOGEUSDT pair has offered a bearish breakdown from the monthly support around $0.16. Breaching this important support, the coin attracted even more sellers in the market.
However, the price has come under intense demand pressure from the Dec 4 low, which has pushed the price back above the broken support and the upcoming descending trendline.
The recent bounce has engulfed the 20 and 50 EMA, which is a good start for a fresh rally; however, the coin is still trading below the defining trend of the 100 and 200 EMA, which predicts a bearish trend.
The daily Relative Strength Index (60) shows a prominent pump above the neutral (50) and 20-SMA, entering the bullish zone.
$0.19 Mark Still a Scary Hit for Dogecoin
The source- Tradingview
Since the beginning of December 2021, the DOGE price has been resonating in a limited range between $0.19 and $0.137. After the recent bounce from this bottom support ($.0137), the price retested the top resistance (0.19).
Although the price closed above this $0.19 mark, the coin will maintain a retest phase to confirm a buying opportunity.
The DOGE price broke the upper band of the Bollinger Bands indicator, showing strong buying pressure on the price.
The slope of the moving average (47) is increasing in line with the price trend, providing support for the bullish momentum.
- Resistance levels- $0.19 and $0.225
- Support levels- $0.16 and $0.137