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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...

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