Dogecoin DOGE/USD is trading higher Wednesday in a cryptocurrency market that is flying higher. Bitcoin BTC/USD saw all-time highs, Ethereum ETH/USD is approaching all-time highs, and Dogecoin continues to move higher.
Dogecoin was up 5.13% at $0.2561 at last check Wednesday afternoon.
Dogecoin Daily Chart Analysis
- Dogecoin has been moving sideways the past few months, and is now potentially forming an uptrend inside a sideways channel.
- The $0.45 has been an area where Dogecoin has previously found resistance and been unable to cross above. The $0.15 area is where the crypto has been able to bounce and hold as support previously. The higher low trendline has been an area of support more recently.
- The crypto is trading above the 50-day moving average (green), but below the 200-day moving average (blue) indicating the crypto is trading in a period of consolidation.
- The 50-day moving average is somewhere the crypto may find support, while the 200-day moving average may act as resistance.
- The Relative Strength Index (RSI) has been climbing the past few days and now sits at 62. The RSI is nearing the overbought area where the buying pressure heavily outweighs the selling pressure.
What’s Next For Dogecoin?
Bullish traders are looking to see Dogecoin be able to continue trading above the higher low trendline. Bulls are then looking to see the crypto push higher and eventually break above the resistance level. If the crypto can hold above the $0.45 level for a time, it may go on to attempt to create a new high.
Bearish traders are looking to see Dogecoin fall below the higher low trendline and fall to the $0.15 level. Bears are then hoping to see the crypto fall below the $0.15 support line and hold below it. This could hint the crypto is ready to make further bearish moves.
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