Analytics

Why is the Dogecoin (DOGE) Price Up Today?

Dogecoin appears to be ready to move higher, but the key resistance is still holding. Below is an analysis of a few technical indicators that might provide some insights into why DOGE’s price is up today.

Key Support levels: $0.13

Key Resistance levels: $0.21, $0.31

1. Pressure Building Up

Sellers appear to be defiant and are still holding the price under the key resistance at 21 cents. However, the pressure is building up under this key level, and it could soon break as buyers intensify their pressure.

2. Momentum Favors Bulls

Even if the bulls didn’t manage to break higher, momentum and volume favor them. In the past few days, buyers have dominated the chart, and there is no sign of this to change. The resistance at 21 cents could fall at any point if the buy volume spikes.

3. MACD Shows Strength

The daily MACD is making higher highs on the histogram. This gives a clear bullish bias and shows that buyers are in control even if the key resistance appears stubborn right now. A major move seems to be in the making.

Source

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