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Dogecoin rise seems promising: Price is consolidating at 0.20 dollar

Dogecoin rise seems inevitable techincally as is backed by many indications. Dogecoin is, fortunately, following the technical chart and flowing over higher highs and higher lows candle in an uptrend.

Dogecoin rise
Source: Tradingview

Dogecoin Rise: Technicals

Dogecoin is ranked #8 cryptocurrency, trading currently at $0.20418 USD with a 24-hour trading volume of $2,134,315,531 USD. Dogecoin is up 0.82% in the last 24 hours. Price of dogecoin is consolidating now and it’s expected that dogecoin can make some impulse now. If the price will pull back from the support line, we can open a long position and take resistance as higher as  $0.27900 as a first target. However, this can happen only if the trend continues even after the end of ascending triangle and Bitcoin shows some stability. 

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Being a fundamental project, its price is highly dependent on the sentiments of traders and investors. Dogecoin has the largest Twitter army which keeps it trending on and off and tries to win the attention of Elon Musk.

This is pretty evident from the Social Volume and Price comparison of Dogecoin. The Social volume was high even when dogecoin was having bad days and the Twitter community failed to seek the attention of Elon Musk, meaning that the community alone can not move it much higher. At its current position, dogecoin virtually has no selling pressure and finds itself in a range between the .236 and .382 Fibonacci levels that correspond with the swing high to $0.29.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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