Dogecoin (CRYPTO: DOGE) Stocks trade a little lower on Monday as the crypto market hits a green day. Dogecoin appears to be bouncing off an important level of support and has been trending upward since then.
Dogecoin was down 0.57% to $ 0.1896 on Monday afternoon on release.
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Dogecoin daily chart analysis
- Dogecoin is in the middle of a sideways channel and is approaching the potential resistance area at $ 0.35 after bouncing off the $ 0.15 support level. Higher lows need to form for the crypto to reach the next area of resistance.
- The crypto is trading below both the 50-day moving average (green) and the 200-day moving average (blue). This shows that the cryptocurrency is trading with bearish sentiment and any of these moving averages could be seen as a resistance area in the future.
- The Relative Strength Index (RSI) has risen since crypto bounced off support in early December and is now at 52. This shows that buying pressure has now exceeded selling pressure for the first time since mid-November.
What’s next for Dogecoin?
After Dogecoin saw a rebound in support, things look bullish again. Bulls expect the price to make higher lows and move towards resistance. If the cryptocurrency can cross the resistance, the bulls want them to stay above that resistance and consolidate before taking another boost. The bears expect the cryptocurrency to flip and fall back to the $ 0.15 support before breaking below.
Photo: Executium via Unsplash
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