Dogecoin (DOGE/USD) Bulls Establish Stronger Foothold Against Bearish Pressure
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In the previous analysis, we highlighted the Dogecoin market’s significant departure from a prolonged consolidation phase, driven by robust bullish momentum. Such a strong bullish movement raised concerns about a potential equally forceful bearish response. The market surged beyond the confines of the narrow price channel around the $0.080 level, rapidly gaining momentum and reaching a peak of $0.20 in just about a week. However, this peak on March 5 prompted profit-taking activities, raising the possibility of a substantial bearish trend. Yet, the bullish intervention observed around the $0.150 mark suggests prevailing bullish sentiment within the market.
Dogecoin Market Data
- DOGE/USD Price Now: $0.17
- DOGE/USD Market Cap: $23.9 billion
- DOGE/USD Circulating Supply: 143 billion
- DOGE/USD Total Supply: 143 billion
- DOGE/USD CoinMarketCap Ranking: #9
Key Levels
- Resistance: $0.23, $0.25, and $0.30.
- Support: $0.12, $0.11, and $0.10.
Dogecoin Market Analysis: The Indicators’ Point of View
In previous analyses, speculation arose regarding a potential bearish market movement, fueled by the pronounced overbought signal of the Relative Strength Index and the divergence observed in the Bollinger Bands. On March 5, this anticipation seemed poised for realization, but bulls intervened at the $0.150 mark, fortifying it as a robust higher support level capable of sustaining the market’s bullish trajectory. Notably, on March 5, trading volume surged significantly, with the market experiencing a low of $0.128 and a high of $0.20 within the same day, ultimately closing above the $0.150 threshold. In today’s trading session, bullish momentum has resumed, with the Dogecoin market showing signs of retesting the $0.20 mark.
DOGE/USD 4-Hour Chart Outlook
Based on the 4-hour chart analysis of the market, we observe a decline in trading volume alongside sideways price action. Despite this crypto signal, bullish sentiment remains prevalent, suggesting a potential exhaustion of bearish sentiment amid the current consolidation phase. This could reinforce the newly established $0.150 support level, paving the way for clearer market direction, whether upward or downward movement.
