Dogecoin (CRYPTO: DOGE) It is trading higher on Friday in the green day crypto market. Dogecoin once again crossed above the 50-day moving average, indicating that the coin has seen some bullish sentiment in the past few days as the bulls managed to push the price higher.
Dogecoin rose 12.03% to $0.1898 on Friday afternoon upon publication.
See related: Dogecoin Cracks Below Major Support Level And The Chart Is Acting A Bearish Dog
Dogecoin daily chart analysis
- Dogecoin is having a green day and it looks like it may have started an uptrend. If the crypto continues to form higher lows, it may be able to climb towards resistance. Resistance formed near the $0.35 level while the crypto was able to bounce off the support at $0.15.
- The cryptocurrency has crossed the 50-day moving average (in green) but is trading below the 200-day moving average (in blue). This shows that the cryptocurrency now appears to be trading in a period of consolidation. The 50 day moving average may hold as a support area while the 200 day moving average may act as a resistance.
- The Relative Strength Index (RSI) saw a strong recovery on Friday and now stands at 60 on the chart. This shows that many buyers have piled into the cryptocurrency causing the price to go up. If the RSI continues to rise and reaches the oversold area, the price may continue to rise with it.
What’s next for Dogecoin?
Dogecoin bounce from support and trend up again is a bullish sign for the cryptocurrency. This shows that buyers were found near the $0.15 level, which has happened in the past. The resistance could be broken if the cryptocurrency continues to form higher lows. Bulls are looking for higher bottoms to continue forming and price to cross the 200-day moving average. The bulls are then looking for a break above the $0.35 level with a period of consolidation above the level for the possibility of a continuation of the upward trend. The bears are looking for the price to calm down and fall back below the $0.15 level once again.