The current price of Dogecoin (DOGE) is hovering at $0.1887 versus USDT. The price analysis for DOGE shows that it has performed positively in the past 7-days and the past 24-hours. For the respective periods, DOGE has demonstrated growth rates worth 10.39% and 0.18% respectively.
The rise in the Dogecoin growth rate shows that it is currently flowing towards the recovery phase and the upcoming days may prove very interesting for the investors.
However, the technical analysis for DOGE is still showing that the investors may prefer selling the low-level rally to buying DOGE. The Strong Sell to Strong Buy meter shows that given the 1-week performance, the scale is in the “sell” zone. The (sell-neutral-buy) ratio currently demonstrates 10-9-5 on the scale.
This means that for now, the investors have higher sentiments leaning towards the bearish zone than going for buying DOGE. However, the neutral figure is also bringing in a positive opportunity for the bulls.
If DOGE manages to gain more value in the upcoming days without facing a dip, the scale may move into the neutral zone. That may give bulls the opportunity of increasing their buying power in order to move the scale into the buying zone. That may trigger a rally at a lower level for DOGE and help in increasing the price of DOGE higher.
According to data from TradingView, the bulls may attempt to bring DOGE close to the 20-day SMA ($0.2228). Once hit, it may act as a pivot point for DOGE, which would provide bulls with a strong and stable ground to launch another rally.
If DOGE manages to reach $0.2228, the bulls may go for another rally, pushing DOGE’s price close to the $0.2611 figure. This would be the first strong resistance mark, where the bears may exert a lot of pressure in order to keep DOGE below the particular price.
If bulls manage to sustain the pressure from the bears, then DOGE’s price may start rising, growing all the way up to $0.3050 (2nd strong resistance market). This may pressurize the bears and they may counter with a very strong selling spree, aiming to dip DOGE’s price. In case the bulls manage to win against the bears, they may be able to push its price higher, getting it closer to $0.3565 per DOGE.
On the other hand, the bears may attempt pulling DOGE’s price down to the $0.1733 figure, which is the first strong support point. If the bears increase their selling power, they may be able to pull it below the second strong support mark ($0.1491).
If the bears succeed in their selling efforts, they may be able to pull DOGE’s price all the way down to the third strong support mark ($0.09085 per DOGE).