DOGECOIN Testing the 1 month Support but is it bullish?

2022年12月20日

The Dogecoin (DOGEUSD) hit yesterday the 1D MA200 (orange trend-line) for the first time since November 21 and at the same time the Support Zone that started on the November 09 Low. So far this is a major demand level and that is also shown on the 1D CCI which is rebounding below the oversold barrier (this has been a bullish signal for the past 6 months).

Until however the price breaks above the November 01 Lower Highs trend-line, no sustainable rebound can be confirmed as it is a major Resistance. Failure to do so can push DOGE to the bottom of its Channel, the Higher Lows trend-line that started on the June 18 market Low. A successful break above the November 01 Lower Highs though, which should also coincide with the 1D MA50 (blue trend-line) breaks, should target the 1.0 Fibonacci level and the 1.5 and 2.0 in succession on the medium-term.


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