Price Analysis

Dogecoin Breached 5-Month Resistance After a Flatline Trend

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Dogecoin price pumps by over 23% from yesterday’s opening price at $0.00230 to hitting the 5-month long resistance at $0.00287 today. There has been a steep growth and a stupefying blow of momentum in the trading session today, and DOGE/USD could successfully breach the flat curve and range-based trading, which otherwise the coin was bound for the past two months now.

Dogecoin, famously known as the meme coin, is having an amazing intraday trading session today. Moreover, this price rally is believed to be a pump from the TikTokers, resulting into a spike of this meme coin that stands amongst the top 50 coins of the global crypto market.

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Moreover, the Dogecoin has been lacking a steep growth for quite some time now to retain complete support and rise above $0.0025 price area. At the press time, DOGE/USD was trading at 0.00276.

Dogecoin Price Analysis

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DOGE/USD Chart By TradingView

On the 24-hourly chart, Dogecoin is now holding a bullish candlewick above 61.80% Fib Retracement level and retains support from 200-day MA and EMA both. Moreover, if we emphasize on YTD movement of DOGE/USD, we see that the coin was majorly trading between 50.0% and 61.80% Fib Retracement levels. With complete support, Dogecoin’s price could readily breach 5-month resistance above $0.00285.

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On the intraday chart, Dogecoin is holding a steep momentum after a week of flattish trendline since the beginning of the ongoing month. The 20-day Bollinger Bands are seen widening as the recent rally projects massive volatility in the upcoming days. However, it is not just Dogecoin, but many altcoins of the market have experienced a sudden intraday surge, which includes the smart contract-based platform Chainlink as well.

However, Dogecoin is believed to have a concurrent motion to that of Bitcoin, which has turned out to be false as it trades around $9.2k with less traction. This time the influential power of Bitcoin is believed to be uninfluential in the case of major altcoins of the market. The trading volume of certain altcoins has been amazingly hiking, which includes VeChain, Ontology, Chainlink, etc.

The technicals laid on the above intraday chart of Dogecoin against the greenback confirms the bullish divergence; however, the crossover of the signal line above the MACD line is the recent pullback from the 5-month top. The RSI of Dogecoin is at 66.79 and has just fallen in the range after going beyond 70 due to the recent steep rally.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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