Why the Dogecoin price could finally recover some of summer’s losses
|
- Dogecoin price is currently testing a a colliding 8-day exponential and 21-day simple moving average.
- The volume profile indicator has been relatively sparse throughout the recent decline.
- A 20% rally could occur in the short term towards the mid $0.07 zone if market conditions persist.
Dogecoin price has been suppressed since August, the downtrend is still intact though the bears may let up pressure in the coming days.
Dogecoin price could rise
Dogecoin price is displaying the first signs of retaliation amidst the severe downtrend established during September. The bulls are currently test both the colliding 8-day exponential and 21-day simple moving averages as they collide near the $0.06 barrier on the 12-hour chart.
Dogecoin price currently suctions at $0.062 If the bulls can produce a sustained close above colliding moving averages a buyers’ frenzy towards the mid way of the declining rally could ensue. Such a move would result 20% increase in profit towards the mid $0.07 levels.
DOGE USDT 12-Hour Chart
The Volume Profile Indicator confounds the idea that a pullback is due as the transactions have persistently tapered throughout the decline since August, If the bulls produce the bullish hurdles mentioned above, Invalidation of the uptrend would be the September 7th swing low at 0.057.
In the following video, our analysts deep dive into Dogecoin's price action, analysing key market interest levels. - FXStreet Team
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.