Dogecoin DOGE/USD is trading lower Friday in a cryptocurrency market that is pushing downwards. DOGE is staying above the trendline and looks like it could reach resistance in time if it continues on this pace.
Dogecoin was down 1.58% at $0.2567 at press time.
Dogecoin Daily Chart Analysis
- Dogecoin has been trading with higher lows in what technical traders call a sideways channel. One could call the higher low trendline that’s pushing toward resistance an ascending triangle pattern.
- Dogecoin has been able to find support along the higher low trendline for the last few months. If broken it may find support near the $0.15 level. If it continues to trade above the higher low trendline, it may find resistance near the $0.35 level, and if it's able to break above this level the next area of resistance will likely come around the $0.45 level.
- 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 pushing sideways the past few weeks and now sits at 48. This shows the crypto is seeing relatively equal amounts of buying and selling pressure.
What’s Next For Dogecoin?
Bullish traders want to see Dogecoin continue to trade above the higher low trendline and go on to break the $0.35 resistance level. If this resistance level can be broken, bulls want to see the coin push higher and go on to break above the $0.45 level in time.
Bearish traders are looking to see the crypto break below the higher low trendline and fall toward the $0.15 support level. Bears then want to see DOGR fall below this level and begin to hold it as a place of resistance, possibly hinting at more bearish moves in the future.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !