Dogecoin is still in an uptrend in the long term, with the price making higher highs and higher lows. This makes it likely that the coin can rise again to the resistance of $ 0.20. Let’s look at the graphs.
How is Dogecoin doing?
DOGE has had a very eventful year. And to get a good idea of this – and to see where the key support and resistance points are – let’s look at DOGE’s weekly chart. Here each candle represents 7 days.
This graph is important to be able to look far back into the price history. This makes the most important price levels clear that have previously caused price changes. In the graph above we see this as a gray zone and two blue zones.
The gray zone is not important right now, but it is good to know that this is very strong support if the price ever returns here. This can be seen in the many reactions DOGE gave to this level.
The blue zones, around the rates of $0.10 and $0.20, are much more important. At the current rate of $0.15, DOGE is right in the middle of this right now. It is therefore likely that if the coin arrives from here at one of the blue zones, it will have an effect on the price.
Chance of $0.20 greater than $0.10
To analyze this better, we also take a look at the daily chart of DOGE (every candle 24 hours). Here the blue levels become clearer, and we can also see better that the memecoin is still in an uptrend – with higher highs and higher lows – visible from the orange arcs.
The latter is very positive for price movements, as it increases the chance of a rise. Only when the price makes a lower low can we speak of a trend change, but until then it looks positive.
This makes it seem more likely that DOGE will move towards $0.20 rather than $0.10. But this does not mean that the coin will get through this in one go. As you can see, DOGE has responded to this zone before, and is therefore a logical place for many investors to grab some profits.
If DOGE does break through this price level, the currency could enter a positive period. But we will make a new analysis for that at that time. For now, it is important that DOGE starts to rise, and especially does not seek out the lower blue zone (although that zone will provide support).
