Dogecoin At Make-Or-Break Point After Multi-Year Trendline Test
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Dogecoin (Doge) closed on bullish notes last week after testing key technical levels that could define its next directional movement. The Tuesday-to-week chart (Doge/USDT) shows that Doge is currently above the Fibonacci retracement level of 0.786 at $0.167. This answer is extracted from a peak of $0.0805 to $0.4844 all-time low.
Dogecoin reversal confirmation?
A noteworthy technological development is the interaction with long-term downward trend lines, extending from its all-time highest level in May 2021. Doge recently retested the trend line after surpassing the trend in November 2024.
Last week’s candle printed a hammer-like formation characterized by a small object near the top of the range and a longer lower shadow. The candle also shows a moderate upper wick, but the dominance of the lower shadow signal allows buyers to absorb positive selling pressure on the trend line and restore the price to the 0.786 Fibonacci level – Bullish signal.
Related Readings
However, this week may be as important as last week. The weekly closing of $0.167 seems crucial to confirming momentum. Otherwise, another test of the multi-year trendline could become a time for making or breaking the Dogecoin price.
It is worth noting that the momentum indicator is still neutral. The weekly relative intensity index (RSI) is off at around 39, reflecting a gentle buying intensity, while Doge’s highlight is still below the neutral 50 points.
The exponential moving average (EMAS) provides a layered resistor higher than the current price.
The 100-week EMA is $0.17284, which is above Doge’s current range, while the 50-week EMA is $0.21427. The 20-week EMA, which was a more direct resistance during the previous rally, is now $0.24,805. Support for the 200-week EMA is strengthened around $0.13,621, which is probably the last time the Department of Defense should be below the multi-year trend line.
Related Readings
Price action in recent weeks also suggests that Doge has collapsed from bearish flags or channel formation, with the collapse accelerating toward the convergence and downgrade trendline of the 0.786 Fibonacci level. Nevertheless, the market responded to a strong buying interest in the focus of red support areas.
On-chain data further brings the background of recent price action. Analytics company Santiment reports through X today that like most meme coins, Dogecoin has been severely affected in the ongoing process The return of the entire market in two months. However, Santiment pointed to bullish divergences on the network.
company nation: “Like most meme coins, Dogecoin hammered in the 2-month crypto range. However, we recommend keeping a close eye on the rise of wallets holding at least $1 million, which has recovered during the price dump. The active address is also at a 4-month high.”
Crypto analyst Daan Crypto trade adds this view Comment By X: “Doge is similar to Pepe, but has been recaptured at the election level after sweeping the election. I think these are key levels to continue to observe many of these alternatives. Scan and retake signals for some short-term relief, which can provide clean invalid levels.”
This is consistent with Doge’s recent technical observations on price action Bullish reversal The model of the crypto market.
Featured Images created with dall.e, Charts for TradingView.com
