Technical analysis in the cryptocurrency market, especially for investors trading in the futures market, is an indicator that must be continuously monitored. During the writing of this article, Dogecoin, which is trading at a level of $0.09353, what clues does the technical analysis provide? We are conducting a detailed examination with chart analysis and important support-resistance levels.
In Dogecoin’s daily chart, after the recent rise, a resistance break was observed within a contracting wedge formation, and this situation enabled an important barrier for DOGE to be left behind. After touching the support line in October, DOGE has recently started to rise and has squeezed into a narrow area that will determine the direction for investors, depending on whether it breaks the support or resistance in the last few days.
The most important support levels to follow on the daily DOGE chart are; $0.09202 / $0.08756 and $0.08241. The $0.09202 level, which has taken on a significant role in recent days and intersects with the EMA 7 level (green line), could cause selling pressure on the DOGE side if there is a daily bar close below it.
The most important resistance levels to watch on the daily DOGE chart are; $0.09879 / $0.10482 and $0.11212. A daily bar close above the $0.10482 level, which appeared as a major barrier during the last rise, will add significant momentum to the DOGE price.
The DOGE/ETH pair launched on the Ethereum network is of great importance. On the daily chart, the wedge formation that has continued since June continues to give important clues to investors. In recent days, the failure to break the resistance line could create selling pressure on the side of DOGE.