Sunday, May 19, 2024

Dogecoin Shows Bullish Bias As $0.12 Support Holds; Will $0.15 Be Breached?

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  •  DOGE’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards. 
  •  DOGE’s price continues to trend above key support as the price tries to build more strength to overcome this area of resistance that has held the price from rallying. 
  • DOGE’s price remains strong on the daily timeframes as the price trades below the 50 and 200 Exponential Moving Averages (EMA).

The price of Dogecoin (DOGE) showed some good price action to the upside as the price has continued to hold above its key support zones, with upside potential more likely. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Dogecoin (DOGE) has remained relatively slow in recent days as buy orders have become slow due to the price facing resistance to breaking higher. (Data from Binance)

Dogecoin (DOGE) Price Analysis On The Weekly Chart

The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more. 

The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of DOGE has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent.

After dropping from its high of $0.15, rallying from a weekly low of $0.055, the price of DOGE has struggled recently to pull off a rally that has left many in euphoria. 

The price of DOGE saw its trade at a low of $0.05 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $0.077 as the price found itself trading in a range before breaking out with strong volume to a high of $0.15 as it faces resistance to trend to $0.2. 

Weekly resistance for the price of DOGE – $0.15.

Weekly support for the price of DOGE – $0.12.

Price Analysis Of DOGE On The Daily (1D) Chart

Daily DOGE Price Chart | Source: DOGEUSDT On

In the daily timeframe, the price of DOGE continues to look strong as the price broke out of its long-range price movement to a high of $0.15, recapturing the key support of $0.12 before facing resistance to breaking higher after pulling gains of over 150% in 7 days. 

The price of DOGE trades at $0.13 above the 50 and 200 EMA, which indicates a good relief sign for DOGE’s price on the daily timeframe could be imminent after facing rejection to trend higher. 

Daily resistance for the DOGE price – $0.15.

Daily support for the DOGE price – $0.0112.

Featured Image From zipmex, Charts From Tradingview

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