Dogecoin (CRYPTO: DOGE) is trading higher Friday in a crypto market that is seeing a green day. Dogecoin has crossed back above the 50-day moving average, showing the coin has seen some bullish sentiment in the past few days as bulls have been able to push the price higher.
Dogecoin was up 12.03% at $0.1898 Friday afternoon at publication.
Dogecoin Daily Chart Analysis
- Dogecoin is having a green day and looks to have possibly started an uptrend. If the crypto can continue to form higher lows, it may be able to climb toward resistance. Resistance has been formed near the $0.35 level while the crypto was just able to bounce off support at the $0.15 level.
- The crypto crossed above the 50-day moving average (green) but trades below the 200-day moving average (blue). This shows the crypto now looks to be trading in a period of consolidation. The 50-day moving average may hold as an area of support while the 200-day moving average may act as a place of resistance.
- The Relative Strength Index (RSI) saw a strong bounce-back Friday and now sits at 60 on the chart. This shows many buyers have piled into the crypto causing the price to rise. If the RSI continues to rise and reach the oversold region, the price may continue to climb along with it.
What’s Next For Dogecoin?
Dogecoin bouncing off support and heading higher again is a bullish sign for the crypto. This shows buyers were found near the $0.15 level, which has happened in the past. Resistance could be broken if the crypto can continue to form higher lows. Bulls are looking for higher lows to continue to form and for the price to cross above the 200-day moving average. Bulls are then looking for a break above the $0.35 level with a period of consolidation above the level for a possible continuation of the bullish run. Bears are looking for the price to cool back off and drop back below the $0.15 level once again.