Home Crypto Crypto Market Analysis Dogecoin Could Start a Bullish Movement

Dogecoin Could Start a Bullish Movement

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Dogecoin (DOGE)

Market Cap. $604.75M

Circulating Supply: 114.24B DOGE

Max Supply: 0 DOGE

Volume (24h) $39.50M

 

The cryptocurrency is narrowing in the short term and maintains a bullish perspective. Dogecoin DOGE/USD changed was limited in the last days, but I really hope that we’ll have an impressive move soon. Is trading at 0.00529422 level after the failure to resume the yesterday’s minor increase.

Price has developed a minor chart pattern, but it remains to see if this is an accumulation or a distribution movement. The rate is pressuring a strong support area right now, so I really hope that we’ll have a great buying opportunity in the upcoming days.

Dogecoin (DOGE) - Forex Academy

You can see that the DOGE/USD has managed to jump above the downtrend line and now is retesting it. DOGE/USD has found temporary resistance at the 50% Fibonacci line (ascending dotted line) and now is trying to find strong demand again.

A valid breakout above the downward trend line will signal another upside momentum. The rate could continue the minor sideways movement before will have enough energy to make a larger move.

DOGE/USD could increase and could reach fresh new highs if it stays above the broken downtrend line and above the 0.00491848 static support. The rate could try to retest the lower median line (lml) in the upcoming days. Only a breakdown below the lower median line (lml) and a drop below the mentioned support levels would invalidate a further increase.

Conclusion

DOGE/USD will become strongly bullish only if will have enough directional energy to make a valid breakout above the 50% Fibonacci line (ascending dotted line). A valid breakout will confirm an increase at least till the median line (ML).

 

©Forex.Academy

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