Dogecoin Price Analysis: The DOGE Coin Price Trying To Sustain Above The 50 EMA

  • The DOGE coin shows a bullish crossover of the 20-and-200day EMA 
  • The DOGE/BTC pair was trading at 0.00000259 BTC with a loss of 0.79%
  • The DOGE coin’s 24hr trading volume is $838.5 Million, indicating a 41.38% loss

On September 30, the DOGE coin bounced from the $0.19 support level with a morning star candle pattern. The coin price showed an impressive recovery and is currently standing at the doorstep of crucial resistance of $0.26. Furthermore, the crypto trade can also see an upcoming descending trendline, coinciding with the overhead horizontal resistance level.

The DOGE’s current price is higher than the crucial EMA’s (20, 50, 100, and 200), which indicates a bullish trend. Moreover, the chart also shows a bullish crossover of the 20 and 200 EMA, attracting more buyers in the coin market.

The RSI value is at 57, suggesting a bullish sentiment regarding the DOGE coin. 

The DOGE Coin Shows A Cup And Handle

The DOGE coin offers a long opportunity for the crypto traders by forming a Cup and Handle pattern in the 4hr time frame chart. This pattern has a $0.265 neckline as its crucial resistance, and the price is currently making the handle portion of this pattern. Thus, the crypto traders should wait for the price to provide a strong breakout from the overhead resistance before entering the coin market. The current price of the DOGE coin is $0.249, with an intraday gain of 2.17%

The moving average convergence/divergence (MACD) indicator shows that signal and MACD lines are moving below the neutral zone (0.00), indicating bullish momentum in this coin.

Conclusion:  The short-term trend for the DOGE coin is still bearish, and the price has some strong resistance above it. However, the coin also shows a bullish pattern in its chart, which can help the price to overcome these barriers. Thus, crypto traders should be patient until the price does not provide a proper breakout.

Support: $0.231

Resistance $0.263

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