$DOGE Price Soars 5% Following Dogecoin Core Upgrade - CoinGape Analytics
Dogecoin price is on a short-term upward trend within a larger downward trend. The price has been making higher lows, but it is still trading below both the 50-day ($0.1013) and 200 exponential moving average (EMA) ($0.1121), which suggests that the broader trend is still bearish.
The Dogecoin value is currently testing resistance around the $0.1100â$0.1120 range, which is near the 200 EMA. Above that, a stronger resistance level is around $0.1200, which coincides with the previous price action.
There is immediate support at $0.1, near the 50 EMA. A more significant support level is around 0.08, which aligns with a previous low.
The recent DOGE price action has formed a rising wedge pattern (marked as ABCD in the DOGE price chart), typically a bearish reversal pattern. This pattern suggests a potential breakdown below the wedge, which could lead to a downward move.
The 50 EMA is trending downward, and the price is struggling to break above the 200 EMA, reinforcing the bearish outlook. The Relative Strength Index (RSI) is at 65.31, which is nearing overbought territory. If the RSI starts to decline, it could indicate a potential reversal.
The Chaikin Money Flow (CMF) is neutral at 0.01, suggesting a balanced flow of money, but it doesnât show strong buying pressure to support a sustained upward move.
Dogecoin price prediction shows the recent upward movement in price was accompanied by lower volume, which typically indicates weakening momentum. This divergence could suggest that the current upward move might not be sustainable.
