Unveiling Dogecoin’s Market Position: A Technical Analysis Insight

In the cryptocurrency market, technical analysis is emerging as a crucial indicator, especially for investors trading in the futures market. So, what clues does technical analysis provide for Dogecoin, which is trading at 0.08349 dollars at the time the article is written? We examine this by analyzing detailed charts and important support and resistance levels.

Dogecoin Chart Analysis

The first notable pattern in the daily DOGE chart is the descending channel formation. In this structure, following the contact of recent upward movements with the resistance line and witnessing significant corrections thereafter, selling pressure continues in the latest bar movements.

The most important support levels to follow on the DOGE daily chart are; 0.08167, 0.07673, and 0.07083 dollars in order. A daily bar closing below these support levels and especially below the EMA 200 (red line) will cause DOGE’s price to experience significant selling pressure.

The most important resistance levels to watch on the DOGE daily chart, in turn, are; 0.08400, 0.08656, and 0.09055 dollars. Particularly, a daily bar closing above the significant hurdle of 0.08656 dollars will initiate a momentum gain for DOGE’s price, following the formation breakout.

DOGE/ETH Chart Analysis

The first noticeable formation in the DOGE/ETH daily chart is the channel pattern. While the breakouts at the support level of this channel remain only as wicks, the bar closings continue to give hints about levels to watch. Particularly, the DOGE/ETH pair continues to gain value with the breaching of the EMA 200 level.

The most important support levels to monitor on the DOGE/ETH daily chart are; 0.00003903, 0.00003754, and 0.00003640, respectively. Especially, a bar closing below the critical support level of 0.00003640 will lead to DOGE’s depreciation against Ethereum.

The most important resistance levels to consider on the DOGE/ETH daily chart, in turn, are; 0.00004128, 0.00004267, and 0.00004426. Specifically, a bar closing above the significant obstacle of 0.00004426 will result in DOGE’s appreciation against Ethereum.