Dogecoin Moves Higher As Bitcoin Tests New Highs


Dogecoin Gains Ground At The Start Of The Week

Dogecoin is currently trying to settle above the resistance at $0.3150 while Bitcoin is testing the psychologically important resistance level at $50,000.

Bitcoin managed to gain upside momentum at the start of the week which is bullish for the whole crypto market. The world’s leading cryptocurrency settled above the resistance level at $48,000 and is testing the next resistance at $50,000. In case this test is successful, Bitcoin will gain additional upside momentum which should provide more support to Dogecoin and other cryptocurrencies.

Meanwhile, Ethereum is testing multi-week highs near the $3,300 level while XRP is trying to get back above $1.25. The crypto market mood is bullish, and it looks that traders are ready to increase purchases of riskier assets at the start of this week.

Technical Analysis

Dogecoin continues its attempts to settle above the resistance level at $0.3150. RSI is in the moderate territory, and there is enough room to gain upside momentum in case additional positive catalysts emerge.

If Dogecoin settles above $0.3150, it will get to another test of the next resistance at $0.33. A move above $0.33 will push Dogecoin towards the resistance level which is located near the recent highs at $0.35.

A successful test of the resistance at $0.35 will open the way to the test of the resistance at $0.36. If Dogecoin manages to settle above $0.36, it will head towards the resistance at $0.38. In case Dogecoin gets above this level, it will continue its upside move and head towards the resistance at $0.3950.

On the support side, the nearest support level for Dogecoin is located at $0.3050. A move below this support level will push Dogecoin towards the next support level at $0.2950. In case Dogecoin manages to settle below the support at $0.2950, it will move towards the next support at $0.29.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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