Dogecoin is currently driving the market’s current recovery, at least in part. The memecoin’s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX’s implosion.
Increased volatility from a wider Bollinger band increases the probability of a price
However, bulls might position themselves at $0.0890, which is the current price movement’s support.
The money flow indicator validates the recent price action, strengthening the positive feeling. Long-term bullish strength is demonstrated by the regression channel’s output of 0.14.
If this uptrend persists, bulls should aim for $0.1076, the major level of resistance that, if breached, would finally support the bull run. Secondary objective would be $0.1186, resulting in a final objective of $0.1265
This would inevitably recover lost ground from the DOGE catastrophe earlier this month.
Despite the strain, DOGE still proved its resilience at it soared 25 percent in the last week, data from Coingecko show, Monday.
Here’s a quick rundown as DOGE fights back against the bear market:- There is a chance that by 2023, DOGE will be worth $1
- The technical indicators are quite optimistic, displaying many strong levels of support
- In order to break through to $0.1265, bulls should look to $0.1076 and $0.1186.
Can Dogecoin Sustain Its Positive Pace?
Since DOGE has been performing better than Bitcoin and Ethereum in the market rebound, the coin’s technicals are looking highly positive. The bulls have the backing of the Bollinger band, and the expansion of the band’s middle band provides dynamic support at $0.0848.
Chart: TradingViewThe EMA ribbon supports the rally throughout all significant time scales. Currently, the price action indicates the overbought side of the RSI, which bulls must monitor.
