Bullish Week Sends Dogecoin [DOGE] Soaring Above Range

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Dogecoin Daily Chart – Source: Tradingview.com

This week marks the first significant bullish movements across the cryptocurrency market since extremely bearish conditions hit in mid-November.

Prior to this week, Dogecoin had spent approximately three weeks trading in a range from $0.002 to $0.0023.

After several tests at both the $0.002 support and $0.0023 resistance, it looked like Dogecoin would continue in the range while market conditions were bearish.

The bullish start to the week blasted Dogecoin out of range up to an intraday high above $0.003.

Momentum significantly shifted to buyers along with the price rise.

The daily MACD and RSI, both measures of momentum, have significantly increased from last week.

Doge Hourly Chart – Source: Tradingview.com

Since Monday’s spike, Dogecoin entered a range from $0.0025 to $0.00275.

Today’s bullish movements have resulted in price rising above this range.

With a brief reversal taking place over the past hour, the price dropped back to the range but experienced support at $0.00275.

In the near-term outlook, dogecoin looks bullish after forming a series of higher highs and higher lows to break above its range.

In the longer-term, the overall market conditions will likely be the biggest factor playing into price performance.

Key Takeaways:

  • After trading in a range for approximately three weeks, Doge spiked above the range on Monday and traded briefly above $0.003.
  • After reversing from intraday highs on Monday, Doge traded in a range from $0.0025 to $0.00275 for the past few days.
  • Today’s bullish movements resulted in Doge breaking above the range. It has since begun dropping down but meets support at $0.00275.
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