Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Cryptoknowmics 2022-08-26 13:05:18

Will DOGE Prices Bounce From The Support Trendline For A 40% Jump?

DOGE prices consolidate near the support trendline and face rejection from the supply zone at $0.70. Will Dogecoin manage to rise again this year? Bullish recovery of 30% in early August, the DOGE prices fell sharply back to the support trendline. Currently, the prices consolidate near the confluence of the 50-day SMA and the support trendline, preparing a bullish launch above the $0.70 supply zone. Should you consider buying Dogecoin before the bullish launch? Key Points: The DOGE prices prepare for a bullish launch to the $0.10 mark. The 50-day SMAs help the Dogecoin prices float above $0.60 after the recent selling spree. With a market cap of $9.06 billion, the intraday trading volume of Dogecoin has increased by 25% to reach $470 million. Source – Tradingview DOGE Technical Analysis The DOGE prices recently displayed a bullish reversal from the 50-day SMA to jump 30% within two weeks in early August. However, the extreme supply inflow at $0.86 resulted in a bearish turnaround which quickly brought the prices back to the 50-day SMA within three days. Currently, the price action displays a sideways trend near the 50-day SMA while the prices take low price rejection from the support trend line. However, the supply zone at $0.070 and the 100-day SMA act as the overhead resistance. The bearish turnaround lowers the possibility of a bullish crossover between the 50 and 100-day SMA. However, a bullish breakout will ensure a posit...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.