If the bulls continue to strengthen, the price of DOGE may try to establish a foundation above $0.07755
- If the bulls continue to strengthen, the price of DOGE may try to establish a foundation above $0.07755.
- After a slight drop in prices over the past day, bulls intervened, driving the price of DOGE up again.
- DOGE has broken through the resistance level of $0.07755 in the past 5 days and reached a high of $0.08189.
According to CoinMarketCap data, the price of Dogcoin has slightly declined in the past 24 hours. However, this correction cannot fully explain the situation, as memes have been able to break through major resistance levels in the past week. After the recent 24-hour decline, bulls seem to have intervened to restore the price of memes.
DOGE has broken through the resistance level of $0.07755 in the past 5 days and reached a high of $0.08189. However, short positions quickly forced the price of Meme tokens to fall below that level within the next 48 hours and close below that level during Monday trading.
Subsequently, the seller attempted to force the price of DOGE to fall below the next critical support level of $0.07195. Yesterday, before the bulls resisted the bear attack, they temporarily lowered the cryptocurrency to a low of $0.06880, causing the counterfeit currency to close at $0.07244 yesterday.
In the past 24 hours, considering the current daily candle chart, it seems that the bulls have once again added the chart of DOGE. In addition, technical indicators indicate that bulls are beginning to weaken the weak advantage currently held by bears.
Firstly, the daily relative strength index (RSI) line is approaching the RSI simple moving average (SMA) line. This occurred after the two lines crossed bearish in the past 48 hours. If the RSI line successfully breaks through the RSISMA line within the next 24 to 48 hours, bulls may be pleased with the noteworthy bullish technology flag.
This may motivate buyers to push up the price of memes in the coming days. However, traders and investors may need to pay attention to the Moving Average Convergence (MACD) indicator as it indicates that the negative trend of DOGE may continue. If the MACD line crosses over the MACD signal line again, this bearish trend will be eliminated.
If bulls continue to strengthen against bears, the price of DOGE may try to establish a foundation above $0.07755 in the coming days. If the daily candle closing price of DOGE falls below $0.07195, this bullish argument may become invalid. In this more pessimistic scenario, DOGE may fall to the next critical level of $0.06775.
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