The cryptocurrency market continues to recover from the downward impact since the opening of Wall Street. Bitcoin fell below $35000 on the same day, with a trading price of $35043 at the time of writing
The cryptocurrency market continues to recover from the downward impact since the opening of Wall Street. Bitcoin fell below $35000 on the same day, with a trading price of $35043 at the time of writing. Of course, many counterfeit coins have also been negatively affected by this situation, but the purchase of counterfeit coins in the market has also begun to increase. So, what happened to the dog coin market? Let's take a closer look.
Analysis of Dog Coin Chart
The first noteworthy shape in the daily chart of dog coins is the descending wedge shape. In this pattern that has been ongoing since March, the DOGE price has recently fallen into a narrow range after hitting the resistance line. This situation, especially at the EMA200 (red line) level, may indicate a negative situation for DOE.
The support levels worth noting for DOGE are $0.06719, $0.06449, and $0.06163, respectively. Although it may be difficult to discuss any negative situations below these support levels, it is expected to hit the support line, with the daily closing price below the $0.06163 level.
The resistance levels worth noting for DOGE are $0.06820, $0.07260, and $0.07720, respectively. In particular, a daily closing price above the $0.07260 level will trigger an upward break in the downward wedge, which will accelerate the rise of DOGE.
DOGE/ETH chart analysis
Another noteworthy chart in the DOGE camp is the DOGE/ETH currency pair. The trend line of support that has been present since August indicates a significant increase in power here, therefore, in the near future, positive news flow may lead to the value of dog coins relative to Ethereum. In addition, recent resistance at the 200EMA (red line) level is putting pressure on the currency pair.
The support levels for the DOGE/ETH currency pair are 0.0000375, 0.0000370, and 0.0000360, respectively. In particular, a daily closing price below the 0.0000360 level may trigger a decline in the currency pair, leading to Ethereum gaining value relative to DOGE.
The resistance levels of the DOGE/ETH currency pair are 0.0000390, 0.0000395, and 0.0000398, respectively. Especially, if the daily closing price is above the 0.0000395 level and exceeds the EMA200 level, it will cause the currency pair to show upward momentum, leading to an appreciation of the DOGE against the ETH.
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