On July 1st, the Dogecoin price gave a bullish from a resistance trendline which carried a downtrend over the last two months. This breakout signifies a positive shift in market sentiment and boasts bullish momentum for a prolonged rally. From the breakout points of $0.6647, the coin price surged 4% to reach the current price of $0.069. However, the DOGE price witnessed supply pressure near $0.0703, projecting a possibility of a fake breakout.
Also read: Can Bitcoin (BTC) Smash Its All-Time-High, Alex The Doge (ALEX) Is Leading From The Front
Dogecoin Price Daily Chart
- The next immediate resistance at $0.075 represents a psychological barrier that could impact the Doge price rally.
- Resistance trendline breakout sets the memecoin price for a 7% upswing
- The 24-hour trading volume in the Dogecoin coin is $387.2 Million, indicating a 22% gain.
Source-Tradingview
On June 10th, the Dogeprice showed a massive bearish candle in the daily time frame chart. Since then, the coin price has traded with the range of this candle, creating a short-term sideways trend.
Though the recent breakout from the downsloping resistance may accelerate bullish momentum in DOGE, the $0.00719 high of the aforementioned candle remains a strong barrier, and similarity to the $0.053 low would act as significant support.
Thus, the DOGE buyers may show caution recovery till $0.070 or the next immediate resistance of $0.075. A breakout above $0.075 breakout could give additional confirmation to rise higher.
Can Dogecoin Price Still Plunge to $0.06?
By the press time, the Dogecoin price traded at $0.0697, and with an intraday gain of 2%. However, if the coin price witnesses more supply pressure and a possible pullback to breached trendline it would indicate a weakness in bullish momentum. Thus, a breakdown below the flipped support trendline will invalidate the bullish thesis and may plunge the prices back to $0.06
- Exponential Moving Average: The 100-day EMA slope continues to stand a crucial resistance against buyers.
- Relative Strength Index: A RSI slope breakout above the 60% mark would signal rising buying pressure in Dogecoin.
