DOGE: Support Breakout
DogeCoin (DOGE) technical analysis:
Trade setup: Following a bullish breakout from Falling Wedge pattern, price reached $0.085 for a 30% gain. Now it’s pulled back below 200-day moving average ($0.08) and below $0.07 support, which puts the Uptrend at risk. We wait for price to either 1) regain those key levels to confirm Uptrend, or 2) pull back to $0.053 support for a swing entry.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.053. The nearest Resistance Zone is $0.070 (previous support), then $0.100.
Trade setup: Following a bullish breakout from Falling Wedge pattern, price reached $0.085 for a 30% gain. Now it’s pulled back below 200-day moving average ($0.08) and below $0.07 support, which puts the Uptrend at risk. We wait for price to either 1) regain those key levels to confirm Uptrend, or 2) pull back to $0.053 support for a swing entry.
Trend: Downtrend on Short- and Medium-Term basis and Neutral on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.053. The nearest Resistance Zone is $0.070 (previous support), then $0.100.
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