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The Dogecoin market has moved by roughly 13% today. This has returned the market to an upside track, following a sharp price decline that occurred in the previous session. Let’s further examine the signs emanating from trading indicators for more insights into this market.
Key Price Levels:
Resistance: $0.1595, $0.1700, and $0.1800
Support: $0.1590, $0.1500, and $0.1400
DOGE Heads Back Upwards
It could be seen from the behavior of price action in the Dogecoin market that volatility is back. Consequently, this is helping the coin quickly react to the influence of market forces. The ongoing session has reacted with a moderate upside correction following the sharp decline perceived in the previous session. As a result, the market remains above the Fibonacci Retracement Level of 38.20 and above the middle limit of the Bollinger Bands.
Meanwhile, the Moving Average Convergence Divergence (MACD) indicator maintains its upward trend, but its recent bars are now pale green and their length is reducing above the equilibrium level. Nevertheless, tailwinds are still advantageous in this market.
The Dogecoin Market Shows Resilience
In the DOGE 4-hour market, it could be seen that upside market forces are remaining dominant. The bulls have responded convincingly following the minimal dip that occurred in the previous session. The last price candle here is now about to break a technical price level at the $0.1600 mark. At the same time, the MACD indicator is showing signs of the growing weakness of headwinds.
This is displayed as the last bar of this indicator is now pale red. With the appearance of the corresponding price candle for the ongoing session, traders can still set their trades with crypto signals with targets just above the $0.1700 mark, as the market may progress in that direction.
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