The past seven weeks have seen Dogecoin clawing towards its 9-month trend-line resistance on the daily chart.
Meanwhile, the gradual resurge supported the altcoin to expedite the growth on the 20 Exponential Moving Average as it aimed to trigger a bullish overturn on the Exponential Moving Average ribbons.
Nevertheless, the original meme coin struggled to secure a volatile break from its POC (Point of Control).
Considering the massive resistance around the $0.07 area, buyers should catalyze increased buy volumes to confirm breakout potential. While writing these lines, DOGE switched hands at $0.0689, surging 2.85% within the past 24 hours.
Dogecoin Daily Timeframe
Meanwhile, the buying momentum revival from the 15-month foothold at $0.049 – $0.052 helped Dogecoin keep a spot near the Point of Control area. Nevertheless, DOGE buyers struggled to overcome the hurdles of the Exponential Moving Average.
Moreover, the 9-month trend-line resistance matched the 50 Exponential Moving Average to form a massive obstacle. While the buying momentum seemingly amplified near these ribbons’ boundary, a break past $0.07 might trigger a bullish volatile action.
The past month saw Dogecoin forming a symmetrical triangle pattern on the daily chart. Considering the brief previous upswing, DOGE exhibited breakout potential. A break beyond the setup might see the asset testing the $0.077-ceiling during the upcoming sessions.
Nevertheless, a bearish presence around $0.07 might bolster sellers to stretch the slow phase. A closing beneath $0.065 would serve as a possible bullish invalidation catalyst.
Reasoning
The Relative Strength Index (RSI) eventually snapped the resistance at 52 to attain a bullish edge. Meanwhile, bulls should keep the uptrend beyond this mark for continued upside on the price chart.
Surprisingly, the Chaikin Money Flow and the A/D (Accumulation/Distribution) lines formed lower troughs within the past ten days. This trajectory confirmed a presence of a bullish divergence with the DOGE price movement. However, the ADX affirmed a weak directional bias.
Final Thought
Dogecoin hovered at the topside of a symmetrical triangle pattern during this publication. The upcoming few candlesticks might confirm the bullish readings from DOGE’s indicators.
Targets would stay as discussed above. Nevertheless, SHIB boasts a 79% monthly correlation with BTC. Therefore, meme coin fans should watch Bitcoin’s action to complement the technical indicators.
