DOGE Technical Analysis: Breakout Rally Ready To Test $0.10

Table of contents

  1. DOGE Technical Analysis
  2. Upcoming Trend

The DOGE price action shows the $0.072 breakout rally gaining trend momentum and ready to challenge the sellers at the psychological mark of $0.10.

Key Technical Points:

The Dogecoin (DOGE) price has increased by 15% in the last five days.The bull run exceeds the 100-day SMA and sustains above the $0.080 mark.With a market cap of $10.85 billion, the intraday trading volume of Dogecoin has decreased by 38% to reach $910 million.

Past Performance of DOGE

As predicted in our previous analysis, the Dogecoin (DOGE) price exceeds the supply zone at $0.072 with a 12% jump on 14th August. Moreover, the breakout rally retests the $0.075 breakout before regaining the prevailing trend momentum. Furthermore, the spike in trading volume supporting the breakout candle increases the likelihood of an uptrend continuation.

TradingView Chart

Source – Tradingview

DOGE Technical Analysis

The 8.34% jump in DOGE prices engulfed the retest candle, increasing the possibility of an uptrend continuation to $0.093. Hence, traders can find short-term buying opportunities in the current market conditions.

The decreasing gap between the 50 and 100-day SMA teases a bullish crossover as the market prices exceed the 100-day SMA. Hence, traders can expect the uptrend to reach the 200-day SMA slightly below the $0.10 mark.

The MACD indicator displays an increase in the bullish gap between the fast and slow lines as the uptrend gains momentum. Furthermore, the rising trend in the positive histograms reflects an increase in underlying buying pressure.

The daily RSI line spike within the nearly overbought zone sustained above the 14-day average line. Hence, the technical indicator supports the possibility of a prolonged uptrend.

In a nutshell, the DOGE technical analysis maintains an optimistic point of view for the upcoming price trend as the buying pressure increases.

Upcoming Trend

As the demand for the meme coin increases, the DOGE prices may rise to the psychological mark of $0.10.

Resistance Levels: $0.093 and $0.10

Support Levels: $0.075 and $0.072

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