Dogecoin (CRYPTO: DOGE) is trading higher Friday as the cryptocurrency market pushes higher.
Dogecoin is trading in sympathy with other popular cryptocurrencies such as Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC). Doge is attempting to break above a level where it once found support.
Dogecoin was up 4.31% at $0.1432 at time of publication.
See Also: Dogecoin Continues Crashing — But Its Meme-Impact On The Crypto Space Is Becoming More Visible
Dogecoin Daily Chart Analysis
- Dogecoin cracked below the $0.15 support line and has been trading sideways just below the level. The crypto is looking to see a break back above the level and start forming higher lows toward the $0.35 level where it has found resistance in the past.
- 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 climbing higher the past couple of weeks and now sits at 44. This shows that more buyers have been entering into the market and the amount of buying pressure now nears the amount of selling pressure.
What’s Next For Dogecoin?
Dogecoin is climbing once again and nears the key $0.15 level where support was previously found. Bullish traders want to see the RSI continue to climb and be able to break back above the middle line. Bulls are then looking for a cross of the $0.15 level as well as the moving averages.
Bearish traders are looking to see the $0.15 level hold as an area of resistance and for the price to start fading lower once again. Bears also want to see the RSI fall back into the oversold region.
