Dogecoin is facing resistance at $0.35 while it is struggling at $0.32. Can the psychological level of $0.30 be held if the EMAs turn bearish?
Currently, Dogecoin is trading at $0.31927, with an intraday decline of 1.46%. This pullback comes after the 3.90% overnight rise, creating a bullish engulfing candle.
However, the bullish rally failed to sustain above $0.3250. Furthermore, it has now broken the $0.32 mark.
DOGE price analysis
In the 4-hour price trend, Doge price action shows a V-shaped recovery that fails to cross the horizontal level of $0.3488. This has marked the formation of a potential round bottom pattern that psychologically is struggling to stay above the 20-EMA line at the $0.32 level.
The recent V-shaped reversal formed a bottom at $0.26447 and formed new support for Dogecoin. Meanwhile, the reversal of the round bottom highlights immediate support at the psychological $0.30 level.
As mentioned in our previous articleDogecoin risks breaking the $0.35 support level. With this collapse, Dogecoin has entered bearish territory.
The bullish support at $0.30 suggests a possible rally to challenge the $0.35 support level, which has turned into resistance. The 4-hour RSI line has reached half of the level, increasing upside opportunities and rebounding from the oversold zone. Thus, it reflects a rise in optimistic sentiment.
Meanwhile, the dynamic average lines on the 4-hour chart have turned extremely bearish. After the death cross between the 50 and 200 EMA lines, the 100 EMA line has also crossed below the 200 EMA line. As a result, these moving averages have turned into resistance levels.
Analyst advises buying Dogecoin
In the middle…
