The price action displayed by Dogecoin (DOGE) has been a show to watch, outperforming the likes of Ethereum (ETH) and Bitcoin (BTC) in recent times.
In the high timeframe, the price of Dogecoin (DOGE) looks strong, with a probable result of an uptrend movement if the market remains optimistic.
Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.
The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)
Despite the relief bounce across the market, with the price of DOGE rallying from a weekly low of $0.08 to a high of $0.104, the crypto market remains uncertain and turbulent, affecting the price of DOGE.
With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.
DOGE’s price had a weekly close below a crucial area of $0.09 after showing so much strength rallying from a weekly low of $0.08 to a high of $0.088 as the price was unable to break above $0.15.
With the price of DOGE looking bullish on a low timeframe, the price could rally to a high of $0.15 if the market regains its relief bounce.
Weekly resistance for the price of DOGE – $0.15.
Weekly support for the price of DOGE – $0.09.
Daily DOGE Price Chart | Source: DOGEUSDT On Tradingview.com
The price of DOGE remains considerably strong in the daily timeframe after closing above $0.088. With DOGE’s price aiming to break past the region of $0.12, we could see more price rally to a high of $0.15.
DOGE’s price currently trades at $0.12 above the 50 and 200 EMA, supporting the price of DOGE from dropping lower to $0.09.
If the price of DOGE breaks and holds above the 38.2% Fibonacci level, we could see more price rally for DOGE price, signaling more buy orders and bulls in control.
If DOGE’s price fails to flip, the region of $0.11 corresponds to 50% of the Fib value; we could see the price retesting $0.1 or lower depending on market sentiment.
Daily resistance for the DOGE price – $0.12.
Daily support for the DOGE price – $0.09.
Featured Image From zipmex, Charts From Tradingview
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