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In the cryptocurrency market, technical analysis is an indicator that investors, especially those trading in the futures market, must continuously follow. So, what kind of clues does technical analysis provide for Dogecoin, which was trading at a level of 0.09353 dollars at the time of writing this article? We examine it in detail, along with the chart analysis and the important support and resistance levels.
In the daily Dogecoin chart, there was a resistance breakout in the contracting wedge formation following the recent increase, and this situation allowed an important barrier to be left behind for DOGE. After touching the support line in October, DOGE has been rising recently, and in the last few days, DOGE has been squeezed into a narrow area, which will determine the direction depending on the breakout of support or resistance for investors.
The most important support levels to follow on the daily DOGE chart are, in order; 0.09202 / 0.08756, and 0.08241 dollars. Particularly, the level of 0.09202 dollars, which has taken on an important role in recent days and intersects with the EMA 7 level (green line), could cause a selling pressure on the DOGE side if there is a daily bar closure below it.
The most important resistance levels to pay attention to on the daily DOGE chart are, in order; 0.09879 / 0.10482, and 0.11212 dollars. A daily bar closure above the 0.10482 dollar level, which appeared as a major obstacle during the recent rise, will provide significant momentum to the DOGE price.
The DOGE/ETH pair, launched on the Ethereum network, holds great significance. In the daily chart, the wedge formation, which has been ongoing since June, continues to give important clues to investors. The failure to break the resistance line in recent days could create selling pressure on the DOGE side.
The most important support levels to watch for the DOGE/ETH pair are, in order; 0.00004143 / 0.00003903, and 0.00003681. Particularly, a daily bar closure below the 0.00004143 level, which has taken on a significant role recently and intersects with the EMA 7 and EMA 21 levels, could lead to a loss of value on the DOGE side.
The most important resistance levels to follow for the DOGE/ETH pair are, in order; 0.00004267 / 0.00004426, and 0.00004607. A daily bar closure above the 0.00004607 level, which has been a major obstacle in the recent uptrend, will enable DOGE to gain value against Ethereum.
