Dogecoin (DOGE) clears year-old resistance, signaling bullish comeback

November 18, 2023 02:58 AM PST | By Invezz
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Dogecoin (DOGE) price joined the recent broad-based rallies in the cryptocurrency market. The leading meme token displayed stable bullishness. Further, the upsides saw it overcoming a plummeting weekly trend line.

The boundary has restricted its gains over the past twelve months. Thus, DOGE’s latest price actions paint a bullish picture for holders.

DOGE preparing to skyrocket

Dogecoin bulls seem exhausted after the alt overcame a multi-month hurdle. The resistance connects swing peaks printed since October 2022. DOGE breached this resistance following last week’s 10% uptick. It gained more than 40% over the past 30 days.

DOGE Monthly Chart on Coinmarketcap

The crypto traded at $0.08454 during this publication. Bulls regained momentum after Dogecoin rebounded from the support barrier at $0.0707. Continued surges can take DOGE towards the next crucial hurdle at $0.0170, translating to a 110% uptick.

Technical indicators supporting bullishness

Technical signals seem to back the upside narrative for Dogecoin prices. The Relative Strength Index (RSI) indicates increased bullishness as it surpasses the neutral-50 level.

The Awesome Oscillator displays shrinking histograms beneath the zero level. A push beyond this line might welcome significant upswings for DOGE prices.

Nonetheless, sudden bearishness that produces a weekly candle closing beneath $0.0707 will ruin the forecasted upside in the near term. DOGE will likely consolidate at the $0.0707 – $0.0574 region. A 7-day candlestick closing beneath this barrier will print a lower low to cancel the bullish narrative. That could yield a 14% dip toward the support zone at $0.0495.

Current crypto market situation

Digital coins traded negatively today as investors maintained a cautious stance. Bitcoin hovered sideways at press time, changing hands at $36,430. The crypto exchange-traded funds optimism seems to have faded after the U.S. SEC postponed its decision on Global X and Franklin Templeton BTC ETFs approval.

Furthermore, BitGo CEO Mike Belshe seems confident that the securities regulator will reject more spot Bitcoin ETFs applications.

The cryptocurrency market retained a bullish stance in the past sessions as investors awaited spot Bitcoin authorization, which could see massive cash joining the digital token marketplace.

The latest deferment by the United States Securities & Exchange Commission might mean delays on all spot BTC ETFs awaiting approval. Such developments could postpone predicted surges in cryptocurrencies, including Dogecoin.

The post Dogecoin (DOGE) clears year-old resistance, signaling bullish comeback appeared first on Invezz


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