DOGE Price Hikes by Over 7%, Short-term Trend Remains Negative

• Dogecoin price analysis shows a firm uptrend
• DOGE/USD pair is trading above the $0.0024 resistance level
• Dogecoin’s current price is $0.08739

Over the past few hours as Dogecoin has seen strong price gains against the US Dollar in a market-wide trend reversal. The short-term outlook for DOGE/USD pair is firmly bullish with a $0.08089 support level holding well against subsequent downside attempts. Dogecoin is currently trading at $0.08739, having rallied by over 7% from the recent low of $0.08149 that was made on Friday.

Dogecoin’s market volatility has increased in the last 24 hours, and the coin has been able to sustain its above $0.08 level, in defiance of a subsequent BTC price correction. However, this short-term upside movement may end by week’s end with the price possibly falling back towards the support zone at $0.075—a pattern that is similar to most other cryptocurrencies as well.

Dogecoin price analysis on a daily chart indicates a bullish pennant formation that is likely to break out, either way, posing significant risks. If the bulls manage to push the DOGE/USD pair above $0.09377 resistance level, then it could indicate a rally toward $0.11 levels. On the other hand, if prices fall below $0.075 then the bears are expected to take control of the market.

In any case, the short-term trend for Dogecoin remains bullish, but it may end by week’s end with a sideways price movement likely to dominate the next few days. This happens when traders sell off their coins to lock in profits from the recent price rally.

Looking ahead, a move below $0.075 may lead to another sell-off towards the $0.06 level and if that happens, then it could spell big trouble for Dogecoin’s long-term bullish trend.”

Dogecoin price analysis on a 4-hour chart, however, shows the coin to be in a bullish uptrend. As long as prices stay above the $0.0877 level, then the trend remains positive for the DOGE/USD pair. Investors should be cautious of the possibility that prices could fall sharply below $0.06 after breaking out from its current pennant formation.

Post Views: 24