- DOGE’s price slowed down after showing so much strength as it rallied to a high of $0.15.
- DOGE could suffer retracement as bearish divergence appears in the four-hourly (4H) timeframe, with the price suffering little retracement.
- DOGE’s price remains strong on the daily timeframes as the price trades above the 50 and 200 Exponential Moving Averages (EMA).
The price of Dogecoin (DOGE) displayed an incredible price action as the price rallied from a low of $0.055 to a high of $0.15, with many becoming euphoric. The crypto market has enjoyed a little bit of relief bounce across all most assets, with Bitcoin (BTC) and Ethereum (ETH) leading the charge as most crypto assets, including Dogecoin (DOGE), produced over 150% gains in less than 7 days. With uncertainty in the crypto market creeping in, DOGE could suffer a retracement as a bearish sign emerges. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart
The crypto market is looking increasingly welcoming as many altcoins continue producing over 150% gains over the past 7 days of breaking out of its range-bound movement. The likes of DOGE have seen some great runs rally.
The past weeks were tough for the crypto space, with many altcoins struggling to hold up their key support areas. After enjoying so many rallies in previous weeks, the week looks more mixed.
After its weekly close of above $0.12, the price of DOGE rallied to a high of $0.15; the price faced a minor rejection to break higher to a region of $0.15, thereby trending higher in its price.
The price of DOGE has maintained its bullish structure above the $0.12 region as the price of DOGE could suffer a retracement to a region of $0.1 and even lower if this region is lost.
Weekly resistance for the price of DOGE – $0.15.
Weekly support for the price of DOGE – $0.1.
Price Analysis Of DOGE On The Daily (1D) Chart
In the daily timeframe, the price of DOGE continued to look strong as the price held above its range channel, forming strong support to hold off the price from sellers.
DOGE currently trades at $0.13, just above its key support formed at $0.095 on the daily timeframe after a successful breakout from a range channel with good volume as the price rallied to a high of $0.15, where it got rejected from trending higher.
The price of DOGE has formed a bearish divergence on the 4H timeframe suggesting more retracement could be in the pipeline as the price could retrace to a region of $0.1-$0.095. If these levels are lost, we could see the price drop to a region of $0.07-$0.055.
Daily resistance for the DOGE price – $0.15.
Daily support for the DOGE price – $0.09-$0.055.
Featured Image From zipmex, Charts From Tradingview
