- Dogecoin price sees renewed buying interest, as a new week kicks in.
- DOGE bulls battle 21-DMA within a falling wedge formation on the 1D chart.
- 100-DMA continues to guard the downside amid bullish RSI.
Amid the growing market’s criticism over the centralization of DOGE's supply, the canine-theme-inspired cryptocurrency is attempting to find its feet after the previous week’s sell-off to two-week lows of $0.2661.
Dogecoin price kicks off a brand-new week on a positive note, consolidating Friday’s swift rebound around the $0.29 region, as bulls return this Sunday. Markets viewed Fed Chair Jerome Powell’s Jackson Hole address as not hawkish enough, which fueled a fresh upswing in cryptos on Friday.
Meanwhile, for DOGE price, the recent dry spell of celebrity endorsements has kept buyers on the sidelines. However, with Bitcoin re-attempting the $50,000 threshold, DOGE bulls are trying their luck once again.
The seventh most widely traded coin lost 8% over the last seven days, now adding 1.50% on the day after registering two straight weekly losses.
DOGE/USD: A sustained move above 21-DMA to revive bullish interests
The meme-coin has been forming lower highs and lower lows on the daily chart ever since it peaked at $0.3552 on August 16. This price action in Dogecoin has carved a falling wedge formation, which is usually considered as a bullish continuation pattern.
DOGE bulls need to crack the falling trendline resistance at $0.3127 to yield an upside breakout from the wedge. The buyers will then keep their sight on the $0.35 round figure.
However, for any upside attempts to sustain, DOGE price has to deliver a daily closing above the upwards-loping 21-Daily Moving Average (DMA) at $0.2954, which is currently checking the buying resurgence.
The 14-day Relative Strength Index (RSI) is trading flattish while sitting just above 50.00, lending some support to DOGE bulls.
DOGE/USD: Daily chart
Any pullbacks will meet initial demand at $0.2672, where the bearish 100-DMA aligns. Note that the price hasn’t yielded a daily closing below the 100-DMA support line since August 14.
Additional downward pressure could put the falling trendline (wedge) support at $0.2590 at risk.
A sustained move below the latter is likely to open the downside towards the mildly bullish 50-DMA at $0.24.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.