Just as the month flipped the incessant blues of September halted. Dogecoin [DOGE] also hinted at recovery as the global market cap soared above $2 trillion. As the broader market saw momentum re-enter, DOGE reversed its weekly losses and was up by 9.23%. However, the crypto-asset’s attempt to make a sustainable upward push near a crucial resistance level.
Of late, Dogecoin’s [DOGE] uptrend phases have not lasted for long. Over the past day, DOGE noted a minor dip of 0.38% which pushed the price to $0.216. At the time of writing, the crypto-asset recorded a market cap of $28.5 billion and a 24-hour trading volume of $1.08 billion.
Dogecoin [DOGE] Daily Price Chart:
Despite the mild surge, DOGE is yet to see signs of increasing volatility. As several crypto-assets appeared to be recovering from a death cross, on the other hand, the popular meme coin was undergoing one. The 50 DMA [Pink] and the 200 DMA [Yellow] were on the verge of a death cross above the candlestick arrangement, a mega bearish signal can potentially push the asset to a downward spiral. The 100 DMA [Blue] also remained above the DOGE price candles and continued to resist any uptrend.
The technicals depicted an uncertain picture. The dotted markers of the Parabolic SAR continued to remain above the candlestick arrangement exhibiting the presence of bears in the coin market. The green closing bars of the Awesome Oscillator [AO] indicated the formation of weak bullish momentum. On the other hand, the daily Relative Strength Index [RSI] was still hovering in the bear market territory even after shifting from the support found against the first oversold condition at 30. On the upside, the RSI formed a bullish divergence which can save its price from further sell-off.
If Dogecoin manages to surge past $0.25-level, the resistance levels of $0.33, $0.42, and $0.55 level would come into play. The crypto-asset’s support levels were found to be at $0.171 and $0.050 respectively.