Dogecoin (CRYPTO: DOGE) is trading higher Tuesday in a relatively bullish cryptocurrency market where the majority of cryptos are trading higher.
Dogecoin is ranked on Coinmarketcap as the eighth-highest market cap of cryptocurrencies. All of the tokens with market caps higher than Dogecoin are trading higher, besides Solana (CRYPTO: SOL).
Dogecoin was up 6.95% at $0.26 at last check Tuesday afternoon.
Dogecoin Daily Chart Analysis
Dogecoin looks to have found support and made a bounce once again, the crypto looks to possibly be beginning to form higher lows. The $0.45 level acted as resistance in the past and may again if the crypto can reach this area once again. Dogecoin has been holding above the $0.15 area, a place where it has been able to find support multiple times in the past. The crypto crossed above the 50-day moving average (green) Tuesday, but trades below the 200-day moving average (blue) indicating the recent sentiment in the crypto looks like it’s beginning to turn more bullish. The 50-day moving average may hold as an area of support, while the 200-day moving average may act as a place of resistance. The Relative Strength Index (RSI) has been pushing higher the past few days and now sits at 61. This shows more buyers have been entering into the crypto and there is now more buying pressure than selling pressure taking place.
What’s Next For Dogecoin?
Bullish traders are looking to see Dogecoin form higher lows and continue to push higher. Bulls would then like to see a break of the $0.45 resistance with a period of consolidation for a possible continuation move higher.
Bearish traders are looking to see Dogecoin fade lower and eventually fall below the $0.15 level. Bears would then like to see the crypto begin to hold the $0.15 level as resistance. This could cause the crypto to be ready for further bearish moves.
Photo: Executium via Unsplash
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