- Bulls are slowly stepping into the crypto market; however, economies are still struggling
- The market, along with Dogecoin saw a bullish opening of the week; Doge price is likely to sustain its stability after the recent bullish breakout
- The coin recently tested the resistance level at $0.0020; corrections are persisting to usher the coin back to square one
- The 1-month chart shows a steady yet reliable price recovery; no sharp V-shaped recovery can be found here though
Monday’s sharp rebound has done wonders for Dogecoin’s price trend as it has shown a sharp shoot up above $0.0020. This is quite in tandem with the rest of the market as BTC price is also escalating above $7000 after the Monday morning surge.
Apparently, the recent and strong price recovery move seems largely thanks to the buying opportunities that took place over the last few weeks. While a few might have taken an entry into the market while buying in bulks, there are chunks of investors who must have considered the idea of limiting the risk by selling off at the time.
Dogecoin Price Analysis
The weekly chart of the DOGE/USD shows that the coin kept trading stably while consolidating for the better part of the week. The coin saw a bullish breakout after it plunged for the second time.
Dogecoin sharply moved away from the 200-day EMA line with a bullish bias. However, the recent price corrections have ushered the coin a little below 0% Fib level.
From its weekly low price at $0.00179, DOGE price has surged by 15.43%. Moreover, the coin is holding a bullish MACD signal.
The price of Dogecoin had hit bottom at $0.00147, and from here, the coin has maintained a mild bullish uptrend. The coin has formed a rising flag lately while the coin has just formed a bullish crossover with the 200-day EMA. Here, RSI is also in the positive zone.