Dogecoin Is Mostly Flat In Today’s Trading
Dogecoin continues its attempts to settle above the resistance at $0.2450 while other cryptocurrencies show mixed dynamics in today’s trading.
Bitcoin faced resistance at $64,500 and pulled back below the $64,000 level. Bitcoin’s RSI is in the overbought territory, and the risks of a pullback are increasing. In case Bitcoin manages to settle back below the $64,000 level, it may gain downside momentum and move towards the $62,000 level which will be bearish for the whole crypto market, including Dogecoin. However, it should be noted that the current upside trend remains strong, so traders may ignore the high RSI and continue to buy Bitcoin this week.
Meanwhile, Ethereum is testing the resistance at $3,900 while XRP is trying to settle above $1.10. Shiba Inu is mostly trading in the $0.000028 – $0.000029 range, and it looks that market interest in meme coins is not increasing, which is somewhat bearish for Dogecoin.
Dogecoin is testing the nearest resistance level at $0.2450. In case Dogecoin settles above this level, it will head towards the next resistance which is located at $0.2520. RSI remains in the moderate territory, and there is enough room to gain additional upside momentum in case the right catalysts emerge.
If Dogecoin gets above the resistance at $0.2520, it will move towards the next resistance at $0.2570. A successful test of this level will push Dogecoin towards the resistance at $0.26.
On the support side, Dogecoin needs to stay below $0.2450 to have a chance to develop downside momentum in the near term. The next support level for Dogecoin is located near the 50 EMA at $0.24. A move below the 50 EMA will push Dogecoin towards the 20 EMA at $0.2365.
If Dogecoin manages to settle below the 20 EMA, it will head towards the next support level at $0.23. A successful test of this level will open the way to the test of the support at $0.2255.
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This article was originally posted on FX Empire