Dogecoin Technical Analysis May 2021

Angelic9

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From its price action, it is in a correction, just like the rest of the market. This is an indication that bears are quite strong. Based on price action, it is anticipated that Dogecoin will rebound as investors are expected to get back into the market. The short-term moving averages are still gapping up. It is an indicator that the price is overall trending up faster than the historical average despite the current correction.

Dogecoin Daily Price Chart

Looking further ahead, Dogecoin charts point to potential growth, as evidenced by its weekly charts. The Dogecoin price chart shows an upward trajectory with consistent gains for six months. The upside momentum is supported in its price action this month. Earlier in the month, bears tried to control the price and pushed Dogecoin from a high of over $0.70 to lows of $0.39. However, bulls quickly regained control and pushed the price back to around $0.50. Dogecoin has been trading at this level for over a week. Weekly buying volumes are on the rise, too, an indicator of strong bullish momentum. If Dogecoin can end the month of May 2021 above the $0.50 price level, bulls will be well-positioned to push it even higher in the second half of the year. If it moves above the $0.71 price level at the end of May, there would be a good chance that it would test new highs later in the year. $1 would be a good target.

Dogecoin Weekly Price Chart

Dogecoin Weekly Price Chart (Source: Ftx.com)

There are several fundamentals factors that give potential for Dogecoin to gain beyond its current price.
 
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