Dogecoin: Bulls Strive to Push Price Above Resistance Zone
In the last four days, meme token Dogecoin (DOGE), has been rallying above $0.18 support. Bulls failed to get through the resistance zone of $0.21, constraining the meme-based token to continue a ranging move beneath the new high. The price of the token is portrayed by little candles called Doji and spinning tops. These candles portray that investors are uncertain about which way the market is headed.
This is what is responsible for the consolidation. In the interim, Dogecoin’s potential gain is being prevented by a higher resistance of $0.21. Possibly, if buyers get through that zone, the token will climb to $0.25. On the other hand, if it is unable to do so, the token will experience a downtrend. If this happens, the bears will exploit this opportunity to push DOGE to the past low at $0.16.
Dogecoin in Bearish Zone, Any Hope for Bulls?
Dogecoin is positioned at phase 42 of the RSI of period 14. This shows that it is in the bearish pattern zone and could collapse. The token is over the half region of the day-by-day stochastic. Accordingly, this indicates that the token is in a bullish trend. The 50-day and 21-day Simple Moving Average (SMA) are slanting south, demonstrating a downtrend.
Ultimately, DOGE/USD is in an upswing. The upswing is experiencing opposition at the $0.21 high. As to if the bullish trend will proceed past the resistance zone ahead, it is uncertain. In the meantime, during the four-day upswing, a candle corrected and tested the 61.8% Fibonacci retracement level. The retracement proposes that the token will ascend to the degree of 1.618 Fibonacci wings or the price mark of $0.24.
Doge Price: Is Elon Musk’s Influence Still Significant?
Elon Musk has not pulled any Twitter stunts with respect to Dogecoin as we enter a new week. His last three attempts at promoting the token were unsuccessful and could not move the price of the token even by half. However, Elon Musk still remains the ‘Dogefather’ and holds significant influence on the token despite its failure to budge.
The week ended with the price of Bitcoin rallying around $ 33,700 – $34,000. Dogecoin remained at $0.19. As more institutional investors open positions, a bull run is in the picture.
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