Dogecoin Analysis: What’s Happening in the Dogecoin Market?

The cryptocurrency market continues to recover from the effects of the decline that started with the opening of Wall Street. Bitcoin, which fell below the $35,000 level during the day, was trading at $35,043 at the time of writing this article. Of course, many altcoins were also negatively affected by this situation, but buying has started to increase in the altcoin market as well. So, what’s happening in the Dogecoin market? Let’s take a closer look.

Dogecoin Chart Analysis

The first notable formation in the daily Dogecoin chart is a descending wedge formation. In this pattern that has been ongoing since March, the DOGE price recently squeezed into a tight range after touching the resistance line. This situation, especially at the EMA 200 (red line) level, may indicate a negative scenario for DOGE.

The support levels to watch for DOGE are respectively $0.06719, $0.06449, and $0.06163. Although it may be difficult to talk about any negative scenarios below these supports, contact with the support line can be expected with a daily bar closing below the $0.06163 level.

The resistance levels to watch for DOGE are respectively $0.06820, $0.07260, and $0.07720. Especially, a daily bar closing above the $0.07260 level will trigger an upward breakout in the descending wedge formation and this will accelerate the rise of DOGE.

DOGE/ETH Chart Analysis

Another notable chart in the DOGE camp is the DOGE/ETH pair. The support trendline that has been in place since August indicates a significant power gain here, and accordingly, positive news flow in the near future could cause Dogecoin to gain value against Ethereum. Also, the recent resistance of the EMA 200 (red line) level is causing pressure on the pair.

The support levels to watch for the DOGE/ETH pair are respectively 0.0000375, 0.0000370, and 0.0000360. Especially, a daily bar closing below the 0.0000360 level can trigger a decline in the pair, causing Ethereum to gain value against DOGE.

The resistance levels to watch for the DOGE/ETH pair are respectively 0.0000390, 0.0000395, and 0.0000398. Especially, a daily bar closing above the 0.0000395 level, along with breaking above the EMA 200 level, will enable an upward momentum in the pair, causing DOGE to gain value against ETH.