After retracement from the current high of $0.22960, the price of Dogecoin (DOGE) appears to be not over yet as the memecoin has rebounded and is moving towards its current high.
Dogecoin price technical analysis
Dogecoin It is one of the few memecoins that has captured the hearts of many cryptocurrency investors. good night shiba inu and pepecoin (PEPE), Dogecoin is supported by a strong and exciting community that has played a huge role in its success to date.
At the time of writing, the price of DOGE is trading around $0.19713 and is up more than 5% in the last 24 hours. Additionally, the price is currently trading above the 100-day moving average with very strong bullish momentum for 4 hours.
The 4-hour MACD indicator is rising spike. This is because the MACD line and the MACD signals that were trending below the 0 line have all crossed and are heading towards the MACD 0 line.
If the MACD line and MACD signal line cross above MACD 0, Dogecoin may move higher and create new highs. Meanwhile, the MACD histogram is already trending above the zero line, suggesting bullish momentum.
The 4-hour relative strength index (RSI) also indicates bullish momentum in the upward direction as the RSI signal line is above the 50% level and heading towards overbought territory. According to the RSI indicator, the bullish forces are still very strong as buyers are still active in the market.
Potential reversal on downside
Given the previous price surge, two major resistance levels and one major support level were created around $0.22960, $0.2244, and $0.19622, respectively. If the price viceroy A move above the $0.22441 resistance level may lead to further upside towards the $0.22960 resistance level.
At this point, if the price succeeds in breaking above this level, the price may surge to create a new high. On the other hand, if the price fails to break this resistance level, the price may start a new downward movement towards the previous support level at $0.19622. However, a break below the $0.19622 level could trigger a new downtrend.
Featured image from iStock, chart from Tradingview.com
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Source: NewsBTC.com