The Dogecoin price is stuck in a rut around $0.0618, stuck between the demand zone and the lack of driving volatility.
In order to begin a rebound rally that might lead to a 10% increase, #DOGE must break and close above the 100-day EMA at $0.0666.
A loss of confidence and the possible beginning of a downward trend would occur at a breakdown of the $0.0604 support level.
After a 25% drop that started on July 26, the price of Dogecoin (DOGE) is attempting to gain traction and rebound. The present price range is a demand zone, where there are plenty of customers. Aggressive purchasing should thus push DOGE higher, but the lack of volatility appears to be restricting the king of meme currencies' upside potential.
The price of dogecoin requires disorderly events to progress.
The value of #Dogecoin (DOGE) has increased by about 0.5% in the past 24 hours, which is more than several of the top 10 cryptocurrencies have seen in that time. After weeks of trading at or near its floor price of $0.0604, the token is attempting to stage a comeback surge. Despite the fact that technical indications point to the possibility of further advances, $DOGE has become paralysed by the lack of volatility.
The price of Dogecoin has been trading in a somewhat stable demand zone for the past several days. This is where the massive order clusters, performed all at once, which are responsible for pushing the price, are most likely to be found.
If the bullish trend continues, Dogecoin's price might break out of the demand zone and test the 50-day Exponential moving average (now at $0.0639) if it gains enough traction. The rise might see DOGE smash the 100-day EMA at $0.0666, which was rejected on August 28 but is now within striking distance. This might be the target profit zone for prudent longs.
If prices are able to break and stay above the 100-day EMA, a rebound rally might begin, with a possible extension to the 200-day EMA at $0.0705 or, in very bullish scenarios, the supply zone at $0.0750. The increase would be confirmed if prices in the supply zone order block broke above the median line.
The direction of the Relative Strength Index (RSI) indicates that this prediction is correct: up. The Awesome Oscillator is also pointing upwards, showing that bullish sentiment is increasing.
The Dogecoin price is stuck in a rut around $0.0618, stuck between the demand zone and the lack of driving volatility.
In order to start a rebound rally that might lead to a 10% increase, DOGE has to break and close above the 100-day EMA at $0.0666.
A loss of confidence and the possible beginning of a downward trend would occur at a breakdown of the $0.0604 support level.
After a 25% drop that started on July 26, the price of Dogecoin (DOGE) is attempting to gain traction and rebound. The present price range is a demand zone, where there are plenty of customers. Aggressive purchasing should thus push DOGE higher, but the lack of volatility appears to be restricting the king of meme currencies' upside potential.
The price of dogecoin requires disorderly events to progress.
The value of Dogecoin (DOGE) has increased by about 0.5% in the past 24 hours, which is more than several of the top 10 cryptocurrencies have seen in that time. After weeks of trading at or near its floor price of $0.0604, the token is attempting to stage a comeback surge. Despite the fact that technical indications point to the possibility of further advances, DOGE has become paralysed by the lack of volatility.
Dogecoin's price is now consolidating within a critical demand zone, where the majority of future price movement is likely to occur. This is where the massive order clusters, performed all at once, which are responsible for pushing the price, are most likely to be found.
Dogecoin's price may break out of the demand zone and test the $0.0639 50-day Exponential moving average if the bullish trend continues. It's possible that if DOGE continues to rise, it may eventually break through the 100-day EMA at $0.0666, which it encountered on August 28 but failed to break over at the time. This might be the target profit zone for prudent longs.
If prices are able to break and stay above the 100-day EMA, a rebound rally might begin, with a possible extension to the 200-day EMA at $0.0705 or, in very bullish scenarios, the supply zone at $0.0750. The increase would be confirmed if prices in the supply zone order block broke above the median line.
The direction of the Relative Strength Index (RSI) indicates that this prediction is correct: up. The Awesome Oscillator is also pointing upwards, showing that bullish sentiment is increasing.
One-day chart of the USD/DOLLAR pair
Dogecoin's price might be pushed lower by a wave of sellers if it drops below the $0.0604 mean threshold of the demand zone order block, where it is currently finding some support.
