Dogecoin Holds Above 0.08; Here Is Why This Is Good For DOGE Army
- DOGE’s price fails to hold amidst market turmoil as price falls back to its support zone with a range-bound movement.
- DOGE’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.
- DOGE’s price continues to hold $0.08 on the daily timeframes as the price aims for a bounce above the 50 Exponential Moving Average (EMA)
The price of Dogecoin (DOGE) has been a standout performer for October, rallying with over 100% gains in 24 hours. Still, In the last few days, the crypto market has seen some drastic shift in sentiment, with Dogecoin (DOGE) and the price of other altcoins battling for survival after the news broke that Binance would not be taking over FTX and the company had gone bankrupt. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance)
Dogecoin (DOGE) Price Analysis On The Weekly Chart
The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline.
The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon.
The news of other exchanges being in the mix of the FTX saga has raised more fears as many investors and traders shy away from investing in some projects, but this is not so for the DOGE army as they have defended $0.08 acting as a good support area for more rallies.
DOGE’s price declined to a weekly low of $0.073 before bouncing off this region, showing some great strength to a region of $0.088 as the price aims to break higher. The price of DOGE needs to flip the region of $0.1 for DOGE price to trend higher.
Weekly resistance for the price of DOGE – $0.1.
Weekly support for the price of DOGE – $0.07.
Price Analysis Of DOGE On The Daily (1D) Chart
The price of DOGE remains considerably strong in the daily timeframe as the price trades above $0.08 support after bouncing off from the region of $0.075.
If the price of DOGE breaks above $0.1, we could see more rallies for DOGE price; a break below a region of $0.07 would lead to more sell-offs for DOGE.
Daily resistance for the DOGE price – $0.1.
Daily support for the DOGE price – $0.08-$0.075.
Featured Image From zipmex, Charts From Tradingview