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The buyers’ momentum is increasing in DOGE market
DOGEUSD Price Analysis – November 01
When the buyers’ pressure increase, Dogecoin may increase to $0.15, the level may be broken upside and the resistance levels of $0.17 and $0.19 level may be reached. In case the resistance level of $0.15 holds, Dogecoin may bounce off and face the support level at $0.14, which may extend to $0.11 and $0.08
DOGEUSD Market
Key levels:
Resistance levels: $0.15, $0.17, $0.19
Support levels: $0.14, $0.11, $0.08
DOGEUSD Long-term Trend: Bullish
DOGEUSD is bullish in the daily chart. The price could not go down further when the support level of $0.066 was tested on 04 October. That was the second time the Dogecoin tested the just mentioned level. Buyers defended the support level of $0.066. The price action formed a bullish engulfing candle pattern which triggers a bullish movement in the DOGE market. Strong daily bullish candle formed and broke up the resistance levels of $0.11 and $0.14 levels.
The fast Moving Average (9 periods) is above the slow Moving Average (21 periods EMA). The crypto is trading above the two EMAs as a sign of bullish movement. When the buyers’ pressure increase, price may increase to $0.15, the level may be broken upside and the resistance levels of $0.17 and $0.19 level may be reached. In case the resistance level of $0.15 holds, Dogecoin may bounce off and face the support level at $0.14, which may extend to $0.11 and $0.08. The relative strength index period 14 is at 91 levels bending up to indicate buy signal.
DOGEUSD medium-term Trend: Bullish
DOGEUSD is bullish in the 4-hour chart. Buyers gained enough momentum to defend the support level of $0.066. The bulls push up Dogecoin and it soars towards the high of $0.14, it pulled back to retest the support level of $0.11. More pressure from the buyers pushed the price to $0.15 level.
Dogecoin is trading far above the 21 periods EMA and 9 periods EMA and the two EMAs are separated from each other which indicates strong bullish market. The relative strength index period 14 is at 90 levels and the signal lines pointing up exhibiting buy signal.
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