Dogecoin bulls somewhat impeded the relentless selling last month after the meme coin plummeted from the $0.12 mark. Consequently, it witnessed a resurgence beyond the 20 Exponential Moving Average. Nevertheless, Dogecoin struggled to drift from the POC (Point of Control).
As the bearish hammer candle rejects higher moves around $0.07, red candles from here might trigger slowed periods on the price charts. While publishing this blog, DOGE traded at $0.0712, following a 3% increase within the past 24 hours.
Dogecoin Daily Timeframe
Dogecoin lost more than 70% since flipping $0.159 as resistance, poking 15-month lows on June 18. Meanwhile, the canine-themed crypto stayed beneath the 50 Exponential Moving Average and confirmed long-term bearish tendencies.
Moreover, the token dropped beneath the 9-month trend-line resistance, reaffirming the selling momentum from a long-term standpoint. Bulls should propel surged buying vigor to halt broader trends, considering the sturdy 61.8% FIB level.
The previous month saw Dogecoin forming a symmetrical triangle structure on the daily chart. With the last decline, the altcoin might witness a setback during the coming sessions unless bulls step up. Any break beneath the 20 Exponential Moving Average might catalyze sell-offs toward $0.05.
Nevertheless, a bullish intercession around the $0.07 level might see buyers pushing for more. A recovery beyond the 50-55 Exponential Moving Average would support the bulls’ endeavors. The 61.8% mark would continue posturing challenges amidst such developments.
The Relative Strength Index claimed a bullish edge after finally snapping the 50-52 mark. Meanwhile, bulls should maintain a buying spree to ensure consistent gains above the trend-line resistance on the price chart.
The on-balance volume matched the surged buying pressure, though its latest highs witnessed a bearish divergence with the DOGE price. Moreover, the DMI lines depicted buying edge while coinciding with the past readings. Meanwhile, the ADX showed a substantial weak directional bias for the altcoin.
Dogecoin traversed thin ice during this publication. Buyers’ failure to close beyond the 20-50 Exponential Moving Average might reignite the selling strength. Such developments would see the targets remaining as discussed. Meanwhile, a decisive closing beyond the 50EMA might cancel the bearish tendencies. Finally, investors should watch Bitcoin’s actions as the meme token boasts a 51% monthly correlation with BTC.