Technical Analysis for DOGUSD for 28th July 2022
Dogecoin Forms a Double Bottom at $0.06, DOGE adds 6%
Past Performance of DOGE
DOGE prices are firm when writing, riding the crypto bullish tide. Even though it is still in red week to date, the coin is up six percent on the last trading day. The critical support lies at around $0.06. Currently, bulls are beginning to establish themselves, reversing losses of the first half of this week.
DOGE Technical Analysis
Overall, sellers are in command from a top-down preview as long as prices are below $0.075. However, in the short term, aggressive traders can ride the shift in momentum by loading the dips in sync with the gains registered on July 27. Provided prices are in a tight range above $0.06, traders might find entries to load, especially if there are more gains unwinding losses of July 26 at $0.068. In that case, DOGE may easily float to $0.075 in a retest of the primary resistance level. Conversely, if sellers absorb the bullish momentum triggered on July 27, forcing prices below the double bottom at $0.06, DOGE would likely dump to $0.05 in a bear trend continuation formation.
What to Expect from DOGE
Traders are upbeat, but there must be confirmation of July 27 gains for a clear trend definition. If buyers succeed, DOGE would print reliable support at $0.06 and possibly rise towards $0.075.
Resistance level to watch: $0.075
Support level to watch: $0.06
Disclaimer: Opinions expressed are not investment advice. Do your research.
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