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Dogecoin (CRYPTO: DOGE) is trading higher on Tuesday in a relatively bullish cryptocurrency market where the majority of cryptos are trading higher.
Dogecoin is ranked on Coinmarketcap as the eighth market cap for cryptocurrencies. All tokens with market caps greater than Dogecoin trade higher, in addition Solana (CRYPTO: SOL).
Dogecoin was up 6.95% to $ 0.26 as of the last check on Tuesday afternoon.
See Also: Shiba Inu Goes Further Than Dogecoin, Bitcoin After Buying A Whale: What’s Next For The Crypto Pup?
Dogecoin Daily Chart Analysis
- Dogecoin seems to have found support and rebounded again, the crypto appears to be starting to form higher lows.
- The $ 0.45 level has acted as resistance in the past and might again if the crypto can reach this area again. Dogecoin has held above the $ 0.15 area, a place where it has been able to find support on several occasions in the past.
- The crypto broke the 50-day moving average (green) on Tuesday, but is trading below the 200-day moving average (blue), indicating that recent crypto sentiment appears to be starting to turn more bullish.
- The 50-day moving average can serve as a support area, while the 200-day moving average can serve as a place of resistance.
- The Relative Strength Index (RSI) has risen in recent days and now stands at 61. This shows that more buyers have entered crypto and that there is now more buying pressure than pressure from sale.
What’s next for Dogecoin?
Bullish traders are looking to see Dogecoin form higher lows and continue to rise. The bulls would then like to see a break out of the resistance of $ 0.45 with a period of consolidation for a possible further upside.
Bearish traders are looking to see Dogecoin fall and eventually fall below the $ 0.15 level. The bears would then like to see the crypto start to hold the $ 0.15 level as resistance. This could cause the crypto to be ready for further bearish moves.
Photo: Executium via Unsplash
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