Technical Analysis for DOGUSD for 24th March 2022
Dogecoin Rallies 17% but DOGE Prices inside a Multi-week Descending Channel
Past Performance of DOGE
Perched at the top 15, DOGE is up 17 percent in the previous trading week. Notably, prices are printing higher highs after protracted periods of decimating lower lows. DOGE is down 83 percent from 2021 peaks and inside a descending channel at spot rates.
DOGE Technical Analysis
DOGE buyers have the lead at spot rates, but prices are still inside a descending channel, pointing to bears. While risk-off traders may find entries on dips above $0.11, a solid close above $0.13 may offer better entries. If buyers flow back--and the breakout above the multi-week resistance trend line is with high trading volumes--, this move could pump DOGE towards February highs of $0.17. Conversely, a retest of the upper limit of the descending channel may see DOGE drop to $0.10 in a bear continuation pattern.
What to Expect of DOGE
The coin is under intense selling pressure but has decent adoption rates. At spot rates, buyers have the upper hand but have to break above the descending channel for trend definition.
Resistance level to watch: $0.13
Support level to watch: $0.11
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