VOT Research Desk
After briefly marking the $0.07 region on November 21, Dogecoin’s price has increased by 50% since then. The market was caught off guard by the ascent as the bulls were able to break through key resistance areas.
The current Dogecoin price is $0.094. The weekend saw the bulls unleash a ferocious rally that outperformed both the 8-day exponential and 21-day simple moving averages, breaking through the broken support that had momentarily served as resistance on November 25.
Bulls who have been sidelined will only need a typical retest and rally signal from recently violated zones near $0.08 to justify starting a long position.
The market’s continued bullish outlook is strengthened by the coiling of the moving averages.
The coiling effect is a warning indicator that typically appears before to the bullish cross.
Bears setting their stop losses above the November highs of $0.15 will probably get into trouble if the market is indeed positive.
A 65% upswing rise has the ability to occur under the positive situation.
