- \n
- Dogecoin price mundane action may come to a sudden halt at $0.0600.<\/strong><\/li>\n
- Recovery will continue undeterred until DOGE meets immense seller congestion at the level.<\/strong><\/li>\n
- Diminishing network activity keeps bulls from achieving their target of around $0.0680.<\/strong><\/li>\n<\/ul>\n
Dogecoin price<\/strong> is at the tail end of its two-week downtrend<\/a> from August\u2019s high of $0.0892 to the primary support at $0.0600. Initially, the leading meme coin attempted to break out of a descending parallel channel, but the move was short-lived, ending at around $0.0720. Dogecoin price<\/strong> will have another chance to escape the stubborn channel if support at $0.0600 remains intact.<\/p>\n
Dogecoin price shows a slight hope but will investors heed the call?<\/h2>\n
The Moving Average Convergence Divergence (MACD) indicator flipped in favor of DOGE\u2019s<\/strong> recovery on August 29. This move confirmed an earlier buy signal on August 24, but at the time, investors were jittery about the bear market taking precedence.<\/p>\n
Bulls may emerge winners if the MACD lifts above the mean line. The 12-day Exponential Moving Average (EMA) is required to sustain a bullish divergence above the 26-day EMA to reinforce the Dogecoin price optimistic outlook.<\/p>\n
\u00a0
![\"Dogecoin](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEUSD_2022-09-02_16-27-04-637977253593046285.png\")
<\/a><\/p>\nDOGE\/USD four-hour chart<\/p>\n
The descending channel\u2019s upper trend line may influence the next step Dogecoin price<\/strong> takes. A sustained break above this resistance line will affirm the bulls\u2019 presence in the market. The liquidity build-up from support at $0.0600 might propel DOGE price<\/strong> to the next rendezvous at $0.0680. It is worth mentioning that this bullish move could extend to $0.1000 if the trend does not falter when dealing with the seller congestion at the 100-day Simple Moving Average (SMA).<\/p>\n
IntoTheBlock\u2019s IOMAP model reveals that Dogecoin price<\/strong> has a relatively smooth path to $0.0680. Its imminent uptrend might stall at this price point if investors who purchased 44.44 billion DOGE tokens decided to sell as they break even.<\/p>\n
\u00a0
<\/a><\/p>\n
Dogecoin IOMAP model<\/small><\/p>\n
On the other hand, traders should be cautious as they maneuver the bear market. They must remember that support at $0.0600 is DOGE\u2019s<\/strong> last line of defense. Otherwise, the largest meme token risks falling to June lows<\/a> roughly at $0.0500.<\/p>\n
- Recovery will continue undeterred until DOGE meets immense seller congestion at the level.<\/strong><\/li>\n