Unlike Bitcoin (BTC) and Ethereum (ETH), which prolong the correction phase, Dogecoin (DOGE) is pushing its price recovery rally to higher levels. So, what’s next for the largest memecoin? Here is the DOGE price analysis.
Dogecoin Price Analysis
DOGE has increased its value by 45% in the last six weeks and is currently trading at $0.07805 with a 1.04% rise in the last 24 hours. Additionally, the largest memecoin experienced a significant breakthrough on July 25th, breaking through the $0.075 resistance level.
The ongoing recovery rally in Dogecoin’s price is supported by the rise from the $0.075 resistance level on the daily timeframe. The high-volume breakout candle reflects buyers’ strong belief in a journey towards higher levels. After reaching the nearest barrier at $0.083, the price started to decline and tested the $0.075 level, which turned from resistance to support.
The price bounced back with the strong defense of this level by buyers, and if buying pressure continues, the recovery could extend to the $0.095 barrier with an additional 22% increase.
The $0.072 Support Should Not Be Lost
Considering the overall market sentiment in the cryptocurrency market, if there is a downward pressure on Dogecoin’s price, a consolidation above $0.072 or a drop below this level may be observed. As long as the rising trendline, which corresponds to this level and provides dynamic support to buyers in the midst of the current recovery, remains intact, the upward trend in DOGE is expected to continue.
Additionally, the Exponential Moving Average (EMA) and the Directional Movement Index (DMI) on Dogecoin’s price chart currently provide a bullish signal. The recent breakout in DOGE’s price resulted in an additional advantage for investors as the 200-day EMA was surpassed and turned into support. Along with the EMA, the Directional Price Index also shows a significant gap between the DI+ (blue) and DI- (orange) slopes in a positive crossover, indicating strong momentum among investors.
