For most of the past two days, Dogecoin has been bullish. And, trading indicators portrays that the bullishness in this market may stay on a bit longer. Also, this crypto has been able to break the $0.0800 price level. So, what else can we expect from this market? We shall dive into answering this question in a bit.
DOGE/USD Current Price: $0.0846
DOGE’s Market Capitalization: $11.3 billion
DOGE’s Systemic Supply: 132.7 billion
DOGE’s Overall Supply: 132.7 billion
DOGE’s Coinmarketcap Position: #10
Major Levels:
Resistance: $0.0780, $0.0813, $0.0858
Support: $0.0846, $0.0820, $0.0809
Is Dogecoin reversing the trend? , Tamadoge Will Sustain Higher Levels
Examining the DOGE/USD daily chart, we will discover that it appears as if a price reversal is occurring. Be that as it may, trading indicators are also portraying that this reversal may be short-lived. Looking at the Bollinger indicator on this chart, we can observe that price movements have hit the upper band of the indicator. Also, we can see an instant sign of a reversal, but the next candlestick that formed was a bullish candle which took Dogecoin’s price higher.
Moving on, the Stochastic RSI contrarily indicates that the uptrend is weakening. Nevertheless, with a close examination of the quicker SRSI curve, we’ll perceive that this curve is already bending towards the slower one. Consequently, this indicates that the price may not drop for too long before it reverses. Additional buying pressure will abate any weakness in the trend. Therefore, traders can anticipate the price reaching near $0.09000.
Dogecoin Price Analysis: DOGE/USD May have Begun a Downtrend
On the four hours DOGE/USD chart, it like Dogecoin may have started showing signs of a downtrend. Also, the Stochastic RSI indicator reflects the influence of sellers as the latest bearish candle brought the price of the crypto to $0.0846. On the bright side, the curve of this Indicator is still pointing upwards, and it will take more bearish candles to initiate a trend reversal.
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Therefore, day traders who came into the market on the 16th of August should move their stops to $0.0816. The reason behind this is to ensure that they exit the market with significant profit, should the downtrend continue.
Tamadoge is also securing strategic listings on centralized and decentralized exchanges as part of its roadmap. The first listing has already been secured on LBank. LBank is a centralized exchange, and the Tamadoge team is optimistic that TAMA could be paired with ETH to support the project’s rapid growth as it faces improved liquidity.
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