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Saturday, May 28, 2022

Dogecoin Trying To Regain Lost Ground Following Sell-off Surge

Recently Dogecoin was heavily pressurized following the rejection of Bitcoin as BTC bulls tried to break past the significant $50,000 resistance level. Since then DOGE has been trying to get back the momentum lost in the sell-off. However, no significant upside momentum has developed yet.

The Relation Between Dogecoin And Bitcoin

Currently, Bitcoin is attempting to keep its prices higher than $48k which is the closest level of support. If BTC manages to do it, the next resistance level test will be $50,000. This will signal a bullish trend for the entire crypto market. However, falling below $48k will mean the closest support level of $46k will be tested. In that case, even more, pressure will pile up on Dogecoin.

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Dogecoin rose back up past $0.2860 which is at 20 EMA. Now it is focusing on settling higher than $02.29 which is the next level of resistance. Following the sell-off that happened recently, RSI is no longer in the territory of being “overbought”. If the correct catalysts emerge then there is a lot of space for gaining even more upside momentum.

If Dogecoin succeeds in settling higher than $0.29, then it will surge to meet the next level of resistance which is $0.2950. If the resistance test at that point is successful, then the surge will take it all the way to $0.3050, the next level of resistance. After that, the significant levels of resistance are $0.3050, $0.3150, and finally $0.33.

On the other hand, if the prices decrease to less than $0.29, then the next level of support will be $0.2860. Falling below that will mean the next level of support will be $0.2770. If the support level is tested successfully here, then the next test will be $0.2670.  

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