By Franklin Smith
Dogecoin price hovered at a confusing spot on the charts as far as trends are concerned. Higher timeframe pessimism fought against uptrends in lower charts, and it remained unclear whether DOGE might surge higher. Even if it does, by how much the meme token could climb?
While publishing this content, the original canine-themed cryptocurrency encountered a challenging resistance. Flipping this territory into demand might welcome another 10% upswing for Dogecoin.
Dogecoin 1Hr Timeframe
The previous week saw Dogecoin’s price plunging to $0.062 from $0.078. Nevertheless, the alt defended the crucial support at $0.062. This barrier triggered a near-term upsurge, pushing DOGE towards the resistance of $0.068 – $0.071.
Dogecoin recorded steady upswings from $0.051 over the past week. That indicated bullishness over the past fourteen days. Nevertheless, the long-term market remained bearish, and DOGE printed multiple lower peaks since last May.
Meanwhile, the chart showed $0.07 – $0.073 as the zone where prices witnessed bullish motivation eight days ago. That altcoin neared the same region from below during this publication. Hence, the alt might experience a potential rejection.
Reasoning
The hourly chart indicators confirmed bullish momentum. The RSI (Relative Strength Index) stayed beyond the 50-neutral, suggesting an upside bias. Moreover, the AO (Awesome Oscillator) swayed above its zero mark over the last few days.
The higher lows printed since DOGE retested the support at $0.062 had lower timeframes adopting a bullish bias. Also, the on-balance volume stayed in a resistance region. Another uptick would reflect massive buying momentum. That would likely see DOGE breaking beyond the resistance at $0.073.
Final Thought
Though the meme coin DOGE presented optimism on lower charts, higher timeframes remained in bears’ hands. Moving beyond $0.073 might mean a ‘buy’ opportunity eyeing $0.078 as its take-profit. Nevertheless, it was doubtful that Dogecoin had reversed its long-term downside trend.
Furthermore, the latest broad market revival was weak, and bears might dominate in the upcoming hours. Though Bitcoin climbed past the critical $20K mark, it remained susceptible to declines and could lose the level in the coming sessions today. That would see DOGE’s shorter timeframes resorting to bearishness.