Dogecoin price analysis

$DOGE has been rising inside an ascending channel pattern, indicating buyers have the upper hand.

The bulls tried to push the price above the overhead resistance at $0.48, but the bears held their ground. If the price turns up from the current level or the 20-day EMA ($0.41), the bulls will again try to propel the DOGE/USDT pair to the channel’s resistance line. The bears are expected to defend the resistance line with all their might because a break above it could catapult the pair to $0.60.

If bears want to prevent the upside, they will have to tug the price below the channel’s support line. The pair may then tumble to the 50-day SMA ($0.30).

The pair is finding support at the 20-EMA, indicating a positive sentiment. The bulls will again try to clear the overhead hurdle at $0.48. If they succeed, the pair may rise to the channel’s resistance line.

If the price turns down sharply from the resistance line and breaks below the 20-EMA, it will signal that the pair may remain inside the channel for some more time.

Conversely, a break and close above the resistance line will signal the start of the next leg of the up move toward $0.60.

Source: CoinTelegraph