Dogecoin: Key Findings
- Despite the recent bearish move, DOGE returns above the current support at $0.0725.
- The price is steady above the current support and may continue moving within the short-term bullish momentum.
- The 50 and 100 EMA are yet to plot a crossover that will determine the current market bias.
- Stochastics level rebounds from the oversold zone, indicating an upcoming bullish trend.
- The upcoming resistance near $0.0917 remains the primary upside target for Dogecoin.
Dogecoin (DOGEUSD) Technical Analysis
Dogecoin began a solid downside rally since the price got rejected at $0.1100 on December 5th. However, the bearish move stalled near the long-term support at $0.0725 since the price pulled back above the support with a steady bullish momentum.
We’ll closely watch the next crossover between 50 and 100 EMA for more significant trend confirmation. If the EMAs plot a bullish crossover and the DOGEUSD manage to hold above $0.0712, we may see the price initiate a bullish trend from this level and approach the current resistance near $0.0917.
According to the Stochastic Oscillator, the %K exceeds the %D line. Also, the indicator value surged above the oversold zone (25), suggesting a possible bullish move ahead.
If DOGE fails to remain above the current support ($0.0712), we’ll consider the price rejoining the recent downtrend and may head towards a further downside target near $0.0564.
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