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Dogecoin Tries To Continue Its Rebound

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·2 min read
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Dogecoin Attempts To Gain More Ground

Dogecoin managed to settle above the resistance at $0.2250 and is moving higher as the crypto market tries to continue its rebound.

Bitcoin has managed to settle above $32,000 but failed to get above the next resistance level which is located at $35,000. This is an important moment for Bitcoin and the whole crypto market.

If Bitcoin fails to get above the $35,000 level in the upcoming trading sessions, it will likely get to another test of the key support level at $30,000 which will be bearish for Dogecoin and other cryptocurrencies.

It looks that the recent rebound of Dogecoin was driven by those traders who have waited for a major pullback to get into new positions, but it remains to be seen whether this interest will be sufficient enough to push Dogecoin above $0.25.

Technical Analysis

Dogecoin received strong support near $0.1650 and managed to get above the resistance at $0.2250. In case Dogecoin manages to settle above this level, it will head towards the next resistance level which is located at $0.25. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If Dogecoin gets above the resistance at $0.25, it will move towards the next resistance which is located near the 20 EMA at $0.28. A successful test of the resistance at the 20 EMA will open the way to the test of the resistance at $0.30. If Dogecoin settles above $0.30, it will head towards the resistance at the 50 EMA at $0.3150.

On the support side, the previous resistance at $0.2250 will serve as the first support level for Dogecoin. A move below this level will push Dogecoin towards the support at $0.2150. In case Dogecoin settles below this level, it will move towards the next support at the recent lows at $0.1650. No material levels were formed between $0.2150 and $0.1650 so this move may be fast.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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