What Will DOGE Do Today? Gave Analyst Levels - News-Credit-Mortgage-Coin

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Saturday, August 21, 2021

What Will DOGE Do Today? Gave Analyst Levels

 



Dogecoin (DOGE) is trading 55.75% below its ATH of $0.7376, which it recorded on May 8, 2021. It created 2 bottoms in the $0.16 region, one in June and the other in July. It has been gradually rising since July 20 and is now testing a highly decisive zone throughout the year at $0.3268, where it is currently trading. In the rest of the article, we will take a look at analyst Richard Adrian's technical analysis of DOGE in different time frames. We start with the general view…


How does DOGE create a table?


Dogecoin price rallied after entering a solid uptrend above a critical resistance level at $0.30. As a result, the 24-hour chart has formed an ascending trendline and is using a strong zone near the 200-day SMA as support. As the popular memecoin tried to break out of this resistance level, it witnessed several signs of weakness and was rejected multiple times. The former resistance level strengthened and solidly consolidated against $0.30, pushing the price above the zone with support from the bulls at $0.29.


From this point, buyers need to be more determined to start a solid uptrend and hit the $0.45 target. There is a more important hurdle that awaits DOGE on this path and between the overhead target. At this point, if they can clear another price hurdle at $0.45, the upside momentum could continue. However, the analyst points out that for-profit sellers along the channel should not exit their positions.


24-hour DOGE price analysis:

At the time of writing, a solid Dogecoin rally was pointing to positivity on the 1-hour chart with a focus breakout of the $0.33 mark. If the bulls can take this momentum even higher, Dogecoin will likely squeeze the daily top. At this point, they can easily defend bears below $0.35. The primary goal, according to the analyst, is to get out of this point and quickly steer upwards.





Meanwhile, Richard Arms' volume-based EOM indicator is oscillating below zero, indicating the August rally that predicted Dogecoin price to rise by almost 120%. Dogecoin's EOM indicator shows when the cryptocurrency was bought or hoarded. Values below zero are usually downwards and show the distribution. Therefore, traders are urged to stay intact because this negative signal originates from sellers making profitable bookings and will only last for a short time.

4-hour Dogecoin price analysis

Dogecoin 4 price analysis shows that while it spends time at higher prices for longer, short-term exhaustion cannot easily drive the price down. As we quoted the daily chart, it recorded an intraday high at $0.32. Meanwhile, the memecoin daily range is a fairly narrow 1 point margin. Therefore, it suggests slight fluctuations and a downside for day traders.



On the other hand, the Balance of Power Indicator (BOP) is oscillating above zero, indicating that the market is biased towards sellers and is more focused on consolidating the upside momentum. Our 4-hour chart depicts the persistently moving bulls attempting a divergence and breakout above $0.33. Medium-term candlesticks recorded since Tuesday indicate upside potential and our sentiment remains bullish for the next 24 hours, according to our Dogecoin price analysis.


Dogecoin price analysis bottom line

Dogecoin bulls managed to gain momentum around $0.29 and left behind a descending channel that was beginning to form on the weekly chart. Buyers are keen to surpass $0.35, which will set the price action focus to $0.45. On the contrary, failure to break the $0.35 resistance level will likely pull the price towards the 20-day EMA. Afterwards, it records some price action that could cause Dogecoin to touch the next support at around $0.21.

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