Dogecoin (DOGE) – Expected to extend the current short-term bullish structurePosted on Tuesday, November 29 2022 at 9:24 pm GMT+0000
Dogecoin (DOGE) bulls are pushing efforts to stretch the short-term positive structure beyond Sunday’s high following the recent propulsion from the vicinity of the exponential moving average.
Technically, the rising 20- and 55-period exponential moving averages are promoting further bullish price action, while the momentum oscillators are painting a picture where the positive impetus is growing. The ROC is ramping up above its zero-neutral mark and the MACD crossed back above its signal line in the positive territory.
So, the base scenario is for the ten-day-old uptrend to see further continuation. For this case to gain more credence, the bulls will have to secure a durable move above Sunday’s high of 0.108. If their efforts prove successful, the price will likely accelerate toward the 161.8% Fibonacci extension level of the last corrective wave at 0.118. Another leg higher from here will likely last until the 261.8% Fibonacci level at 0.135 located near the 5th of November top.
Should the aforementioned resistance bar prove a hard nut to crack, the 20-period exponential moving average may act as an initial safety net. Should it fail to hold, the sellers will instantly test the most recent intraday bottom at 0.091 fortified by the 55-period exponential moving average. By snapping that base, they will claim full command and press the price directly towards the 0.080-0.079 congested zone ahead of the all-important 0.071 barrier joining the November 9th and 21st bottoms.
In brief, Dogecoin is currently exhibiting a bullish appetite for the coming sessions. A significant move above 0.108 is expected to release fresh buying, while a drop below 0.091 will bolster bearish concerns.