Dogecoin Shows Long strides: Can DOGE Reclaim Bullish Territory?Dogecoin Shows Long strides: Can DOGE Reclaim Bullish Territory?
Dogecoin price seemed to be recovering intraday and had surged over 4.79% at the time of writing.
The weighted sentiment curve had surpassed above the zero line indicating signs of optimistic days ahead.
Dogecoin price has been on a recovery after falling below a strong dynamic support of 200 day Exponential moving average. At the time of writing, the crypto was hovering close to $0.127, recording a positive intraday development of nearly 4.79%.
The recent selloff has dragged the price below the recent support and multi month low of $0.128. However, the intraday surge may again push the price back in a bullish territory. Moreover, there has been a notable development in the weighted sentiment curve that points towards a continued recovery in the crypto.
Weighted Sentiment Curve Turns Bullish!
The recent development in the Dogecoin price has been accompanied by similar development in the weighted sentiment curve. As per the data obtained from app.financial.net website, there has been a notable shift in the sentiment curves.
As per the chart, the positive sentiment has dominated due to which the weighted sentiment curve has shifted from bearish to bullish side. The improvement in the weighted sentiment curve indicates optimistic days ahead.
Moreover, the weighted sentiment curve represents the current bias of the majority of investors. The growth in the weighted sentiment curve generally affects positively on the price.
Can DOGE bulls Reclaim the 200 day EMA Back?
Dogecoin crypto is recovering in Intraday and might end up adding more by the sessions end. The growth in the price marks the bulls commitment to reclaim the price above the 200 day before the end of the week.
With a daily transaction volume of $651.9 Million, it ranks 8th having a live market capitalization of $18.49 Billion. Now, if the bulls establish themselves near the recent support of $0.128, it may indicate a bullish reversal and the crypto may resume its way towards north.
On the higher side, the 20 day and 50 day may act as an immediate resistance which once surpassed may unlock price potential to reach the higher supply of $0.170 levels.
At the time of writing, the RSI line seemed to be recovering after entering into an oversold zone. Moreover, The RSI and SMA line were about to make a bullish crossover indicating a possible continuation in the trend.
Conclusion.
Dogecoin is showing signs of recovery with a 4.79% development in intraday price. The shift from bearish to bullish sentiment suggests a positive outlook ahead. The intraday recovery could lead to surpassing the 200-day Exponential Moving Average (EMA). With a $651.9 million daily volume and an $18.49 billion market cap, it ranks 8th in the cryptoverse.
Moreover, DOGE could see a bullish reversal if it stabilizes around $0.128. Overcoming immediate resistance at the 20-day and 50-day EMA could unlock the path to $0.170. The Relative Strength Index (RSI) indicates a potential trend continuation with a bullish crossover in sight
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
