Dogecoin (CRYPTO: DOGE) is trading higher Tuesday as it tries to start bouncing back after the crypto market was trading in a bearish market the past couple of weeks. The crypto market is seeing a green day with most cryptocurrencies bouncing back after the severe drop the past few days. If Dogecoin can cross back above a key price level, it might start heading back toward the next resistance level.
Dogecoin was up 5.93% at $0.1429 at publication Tuesday afternoon.
Dogecoin Daily Chart Analysis
- Dogecoin cracked below the $0.15 support line and is trading sideways just below the level. The crypto has formed higher lows throughout the past few days. If this continues and the price crosses back above the $0.15 cent level, it could begin to trend higher back toward the $0.35 resistance level.
- The crypto trades below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bearish sentiment. Each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has been bouncing back the past few days and now sits at 40. This shows buyers have been moving back into the crypto. If the RSI can cross back above the middle line, it will show there is more buying pressure than selling pressure.
What’s Next For Dogecoin?
Dogecoin is just under a critical level on the chart and is looking to try to reclaim it once again. An increase in buyers could push the crypto back above this level once again. Bullish traders are looking to see the RSI cross back above the middle line and the $0.15 level for an uptrend to begin. Bullish traders are also looking to see the price cross back above the moving averages for the sentiment in the crypto to turn bullish once again. Bearish traders are looking to see the $0.15 hold as resistance and for the price to be unable to cross this level once again. This could hint a further bearish push is coming in the future.