DOGE Price Analysis – July 6
Dogecoin defied the bear pressure on the market on Friday to record formidable gains. The ballistic rise mainly was driven by the news of listing on the largest exchange by adjusted daily trading volume, Binance.
Supply levels: $0.0047, $0.0049, $0.0051
Demand levels: $0.0025, $0.0023, $0.0021
Prior to the ballistic gains that caught everyone by surprise, Dogecoin was consolidating within a narrow range between $0.0030 and $0.0035. The 35% rise in value made DOGE/USD the best performing pair on the crypto market. The correction above both the 100 Moving Average (MA) and the 100 Exponential Moving Average (EMA) gave the price boosts in an engulfing candlestick.
As at the time of writing, Dogecoin price is trading at $0.003456 after finding demand at $0.0034 on the day. Initial demand is seen at $0.0025 while other demand levels to look out for include $0.0023 and $0.0021. The current technical picture has a bullish bias with supply levels at $0.0047, $0.0049 and $0.0051. The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive. After rising to levels around +0.00013, the divergence is decreasing as a sign of retreat.
On May 13, the price reached a minimum of 34 satoshis and on June 26, it reached a minimum low of 24 satoshis. However, it is more likely that the price will again reach the line of support of the channel and it is most likely to approach the 20 satoshis around July 10 and possibly create a greater divergence. It would be a more positive signal that a breakout will occur.
At the time of writing this article, the DOGE price is negotiated in the middle of the channel, as it has not reached the resistance line. Meanwhile, the RSI and the MACD generated higher values and this is known as bullish divergence and often precedes price increases. However, its value is not very significant and occurs in a neutral manner.
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