Dhananjay Lochave
- The price of Dogecoin is hovering around $0.14.
- Sellers have made repeated concentrated attempts to drive DOGE lower but have been unsuccessful.
- From its current value region, it is easier for Dogecoin to move higher than downward.
Despite considerable selling pressure late yesterday and during today’s session, the price of Dogecoin continues to rise. DOGE is still up about 30% from its March 14, 2022 opening price, with further gains expected in the future.
The price of Dogecoin maintains vital support, providing a launchpad to $0.25.
The 2022 Volume Point Of Control is a key level on the Dogecoin price chart that is more important than any other. Sellers may be seeking for an opportunity to dump DOGE once more, but the $0.14 support level will only strengthen.
Sellers may also be looking at the daily Relative Strength Index and concluding it is overbought based on how close it is to the 70 mark. When the RSI is set up for bull market circumstances, however, the overbought levels are 80 and 90.
With overbought levels of 55 and 65, the present RSI is set up for bear market circumstances. DOGE has been testing 65 for many days, indicating a significant possibility of a breakout over that level. DOGE enters bull market RSI conditions whenever the RSI reaches 70.
Dogecoin pricing is now poised for a move higher, with resistance likely to emerge if it reaches the $0.16 level, which coincides with the top of the Ichimoku Cloud, Senkou Span B. However, resistance will most likely be transitory, as momentum will likely be enough to propel DOGE towards $0.25.
Downside risks are still present, but they should be restricted to the $0.1325 level, which contains the Cloud’s bottom (Senkou Span A) and the Kijun-Sen.
