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In recent trading sessions, Dogecoin price has experienced an uptrend, surpassing an important resistance level. In the past 24 hours, DOGE recorded a 1.2% increase, and within the past week, the coin appreciated by 2%.
Technical analysis suggests further upside potential as the buying force attempts to recover. However, the demand and accumulation indicators are yet to enter the positive zone.
In order to establish bullish control in the subsequent sessions, DOGE needs to overcome an important resistance level. A broader market recovery, including a rise in bitcoin above $27,500, could also contribute to an increase in DOGE price.
The upcoming trading session will be crucial in determining whether the bulls or bears will dictate the price action. However, the drop in Dogecoin market capitalization indicates the dominance of the existing sellers on the asset.
Dogecoin Price Analysis: Intraday Chart
At the time of writing, DOGE was trading at $0.073 and showed gradual gains after crossing the $0.070 resistance line. However, there could be a possible price correction if it fails to break above its overhead resistance.
The immediate resistance level for DOGE is set at $0.075. A clear above this level could start a rally towards the $0.078 mark, consolidating the position of the bulls.
Conversely, if DOGE fails to sustain its current price level, it could decline towards $0.071 and potentially drop below $0.070. The recent trading session indicated weak buying strength, as the Dogecoin trading volume was in the red.
technical analysis
Throughout May and even April, Dogecoin faced challenges in attracting positive demand. At present, buying power is low despite the ongoing recovery.
The Relative Strength Index (RSI) indicates that buyers still lack confidence in the asset as it is below the halfway line. Furthermore, DOGE price has declined below the 20-simple moving average (SMA) line to indicate that sellers are adding to the price momentum in the market.
However, if Dogecoin manages to surpass the $0.070 price level, it will move above the 20-SMA line, indicating rising demand and a possible reversal of the current trend.
On the one-day chart, DOGE is displaying a declining buy signal in line with other technical indicators. The moving average convergence divergence (MACD), which indicates price momentum and trend reversal, shows a green histogram associated with buy signals.
Additionally, the Bollinger Bands, which indicate price volatility and volatility, displayed significant contraction. This suggests that DOGE may experience extreme volatility and volatility in price in the upcoming trading sessions.
Currently, DOGE is located at an important price level, and the next trading session will determine whether the price will break to the upside or downside.
Featured images from Unsplash, charts from TradingView.com
