Dogecoin Price Analysis: DOGE Bolstered to Price Discovery, $0.2 Draws Nigh
- Dogecoin transaction history reveals that all DOGE holders are at a profit.
- Short-term technical levels intact as investors speculate another upswing.
- Dogecoin must close the day above $0.14 to avoid potential overhead pressure.
Dogecoin continues to lead cryptocurrencies in the uptrend despite broad-based minor corrections. The popular meme coin has surged for more than two days, in tandem with Bitcoin, Ethereum, and Ripple's uptick in price. Experts in the cryptocurrency industry have linked the massive rally to the commencement of Coinbase trading on Nasdaq.
Dogecoin Uptrend Relentless
In spite of DOGE's spike as Coinbase stock started to trade on Nasdaq following a successful direct-listed initial public listing (IPO), it does not currently trade on the United States-based exchange. At the time of writing, Dogecoin exchanges hands at $1.38 after affirming short-term support between $0.105 and $0.12.
Bulls are back in control while battling the near-term hurdle at $0.14. A break above this zone could catapult Dogecoin above the all-time high of $0.15. Investors look forward to DOGE's upswing past $0.2 before the Coinbase effect cools off.
From a technical perspective, Dogecoin is firmly in the hands of the bulls. The Moving Average Convergence Divergence (MACD) indicator confirms the bullish influence by rising higher in the positive area. Additionally, the MACD line widens the signal line's divergence, validating the uptrend.
DOGE/USD Four-Hour Chart
The four-hour SuperTrend indicator has a bullish impulse, adding credence to the positive outlook. This indicator foresees an asset's general trend, which allows traders to plan their long-term positions. The green color and the SuperTrend indicator position below the price signifies bullish control.
The In/Out of the Money Around Price (IOMAP) on-chain model by IntoTheBlock reveals that Dogecoin is in a price discovery mode. Therefore, resistance is undefined due to the unobstructed path.
On the downside, Dogecoin sits on top of an immense support zone, highlighted between $0.118 and $0.119. Here, nearly 55,900 addresses previously bundled up roughly 14 billion DOGE. This is a robust support area, unlikely to give in to advances from the bears.
Dogecoin IOMAP Chart
Looking at the Other Side of the Fence
Dogecoin bulls are yearning for a break above $0.15, a move that could catalyze the rally past $0.2. However, the resistance at $0.14 must come down to reinforce the uptrend and avoid the buildup of overhead pressure. If a reversal occurs, Dogecoin will freefall to test the strength of the support between $0.105 and $0.12.