Dogecoin (DOGE/USD) is seeing some weekend love returning this Sunday after trading directionless almost throughout the last week, despite a
couple of encouraging fundamental news.To get more news about
WikiFX, you can visit wikifx.com official website.
The Shiba Inu-represented cryptocurrency, Dogecoin, remains buoyed by the upbeat mood seen across the crypto board, as the bulls prepare to
regain control.
The optimism around the news that the Dallas Mavericks will soon be accepting the meme-based cryptocurrency as part of an agreement with
crypto payment services provider BitPay seems to be picking up, offering
fresh zest to the DOGE bulls.
Another big news for billionaire Elon Musks favorite coin came in after ATM provider CoinFlip announced DOGE can now be purchased with
cash across its 1,800-machine network.DOGE/USD dived out of a month-long
falling wedge on the daily sticks last Thursday, validating the bullish
continuation pattern after closing the day above the falling trendline
resistance at $0.04894.
Although the bulls lacked follow-through, as the 21-daily moving average (DMA) continued to offer stiff resistance. At the moment,
Dogecoin is battling the abovementioned key hurdle.
The canine cryptocurrency is eyeing a daily closing above the critical 21-daily moving average (DMA) at $0.0517 so that the bulls
could finally reclaim ground and extend the upside break from the
falling wedge formation.
The buyers would then aim for a 100% upswing, with eyes set on the record highs at $0.1004. On its way northwards, the DOGE bulls could
face some strong offers around $0.0650, the static resistance.
The relative strength index (RSI) edges higher, currently at 52.46, suggesting that there is more room for the upside.
If the meme-based coin fails to take out the 21-DMA barrier, a pullback towards the strong support at $0.04333 cannot be ruled. That
level is the confluence of the pattern resistance now support and the
upward-sloping 50-DMA.
