Unlike Bitcoin (BTC) and Ethereum (ETH), which have extended the correction phase, Dogcoin (DOGE) is pushing its price rebound to a higher level. So, what is the next step for the largest meme coin? This is a DOGE price analysis
Unlike Bitcoin (BTC) and Ethereum (ETH), which have extended the correction phase, Dogcoin (DOGE) is pushing its price rebound to a higher level. So, what is the next step for the largest meme coin? This is a DOGE price analysis.
Price Analysis of Dog Coin
The value of DOGE has increased by 45% in the past six weeks, with a current trading price of $0.07805 and a 1.04% increase in the past 24 hours. In addition, the largest meme coin experienced a significant breakthrough on July 25th, breaking through the resistance level of $0.075.
The sustained recovery of dog coin prices is supported by an increase in resistance level of $0.075 within the daily time frame. The high transaction volume breaking through the candle reflects the buyer's firm belief in moving towards a higher level. After hitting the latest resistance level of $0.083, the price began to decline and tested the level of $0.075, which shifted from resistance to support.
As buyers hold onto this level, prices rebound, and if purchasing pressure persists, the rebound may further increase by 22%, reaching the $0.095 level.
Should not lose support of $0.072
Considering the overall market sentiment in the cryptocurrency market, if there is downward pressure on the price of Dogcoin, it may consolidate above $0.072 or fall below that level. As long as the upward trend line that corresponds to this level and provides dynamic support to buyers during the current recovery period remains unchanged, the upward trend of DOGE is expected to continue.
In addition, the index moving average (EMA) and directional motion index (DMI) on the Dogcoin price chart currently provide bullish signals. The recent breakthrough in the price of DOGE has brought additional advantages to investors, as the 200 day moving average has been surpassed and transformed into a support level. Like EMA, the directional price index also shows a significant difference in the slope between DI+(blue) and DI - (orange), showing a positive intersection, indicating strong investor momentum.
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