Dogecoin is Above 0.30 Psychological Support: Can Buyers take the Price Higher?

Dogecoin is Above 0.30 Psychological Support: Can Buyers take the Price Higher?

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Dogecoin Technical Analysis

June 02, 2021|The Forex SecretCoinbase listed Dogecoin as a trading instrument that is a significant milestone for investors or traders who are focused on cryptocurrency trading. Before that the crypto market surged as soon as Coinbase, one of the biggest crypto exchanging platforms got listed on New York Stock Exchange.

Dogecoin Technical Analysis: Buyers are Strong Above 0.30 Level

Based on the recent price action, Dogecoin moved lower as soon as the price rejected the 0.70 level with a negative vibe to the crypto market from Elon Musks’ statement of the crypto ban.

Dogecoin Technical Analysis

Therefore, like Bitcoin and other cryptocurrencies, Dogecoin showed a sharp decline near the 0.20 key support level. Later on, the price failed to hold the momentum at 0.2122 level and made multiple higher highs in the intraday chart.

Moreover, the price moved above the symmetrical triangle with an impulsive bullish pressure that created further bullish potentiality. Here the near-term resistance is at 0.45 and 0.500 levels.

Is Dogecoin A Buy?

Based on our findings, Dogecoin is a good investment opportunity for the coming session. Then became corrective after as trong volatility and the most recent bullish close above the dynamic 20 EMA and vwap created bullish potentiality.

Here, investors should wait for a daily close above the dynamic 20 EMA that will increase the bullish possibility in the coming days.

  • Dogecoin Market sentiment: Bullish
  • Possible Target Area: 0.5900
  • Possible invalidation level: 0.300
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