Dogecoin Looks Like It’s Barking Up The Right Tree After Bouncing Off Support

Dogecoin (CRYPTO: DOGE) is trading higher Friday as the crypto market runs higher. Doge fell to support over the past couple days, but today looks to be bouncing back up off the support level.

Dogecoin is currently trading higher than all other cryptocurrencies on the Robinhood app. It’s up 5.56% at $0.283 at publication time.

See Also: How To Buy And Sell Dogecoin

Dogecoin Daily Chart Analysis

  • Dogecoin bounced off of the cup pattern support (orange) again on Friday. The crypto has been able to bounce off of this cup pattern a few times now and is heading toward resistance.
  • The $0.45 level is an area that the crypto struggled to cross above in the past, and may hold as resistance again in the future.
  • Dogecoin has been holding above the cup pattern, and this cup may continue to hold as support. The bounce off support Friday likely further adds to the strength of the pattern’s support.
  • The crypto trades above both the 50-day moving average (green), and 200-day moving average (blue) indicating recent sentiment in the crypto has been bullish.
  • Each of these moving averages could hold an area of support in the future.
  • The Relative Strength Index (RSI) fell lower the past couple of days, but appears to have bounced back up a little and now sits at 52. This means there is still slightly more buying pressure than selling pressure.

What’s Next For Dogecoin?

Bullish traders would like to see this bounce hold up and for the crypto to continue to trade above the cup pattern. Bulls would then like to see Dogecoin go on to break resistance and push higher.

Bearish traders are looking to see Dogecoin break below the cup pattern and start to fall lower. If the crypto could break below the cup and the moving averages, the crypto may see a change in trend and sentiment.

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