{"id":30757,"date":"2022-10-02T06:19:43","date_gmt":"2022-10-02T06:19:43","guid":{"rendered":"http:\/\/egrowonline.com\/?p=30757"},"modified":"2022-10-02T06:19:43","modified_gmt":"2022-10-02T06:19:43","slug":"assessing-dogecoins-potential-to-rebound-from-its-defending-zone","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=30757","title":{"rendered":"Assessing Dogecoin&#8217;s potential to rebound from its defending zone"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"mvp-content-main\">\n<p>Disclaimer: <em>The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.<\/em><\/p>\n<ul>\n<li><strong>Dogecoin strived to breach its 50-day MA resistance, can it find renewed buying pressure?<\/strong><\/li>\n<li><strong>The meme-coin marked a decline in daily active users and development activity<\/strong><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Since reversing from the $0.3 level in September last year, <\/span><a target=\"_blank\" class=\"editor-rtfLink\" href=\"https:\/\/ambcrypto.com\/?s=Dogecoin\" rel=\"noopener\" data-wpel-link=\"internal\"><span data-preserver-spaces=\"true\">Dogecoin [DOGE]<\/span><\/a><span data-preserver-spaces=\"true\"> correlated with the market-wide meltdown and consistently declined. This decline phase led the dog-themed crypto to match its yearly lows in June and September this year. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The buyers seemingly found reliable grounds in the $0.057-$0.059 range over the last few days.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In its previous bull run, the meme coin\u2019s breakout led to a retest of the six-month trendline resistance (yellow, dashed). The recent bearish pull has realigned the altcoin below its 50 EMA (cyan) barrier.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A plausible retest of the $0.059 zone can set the stage for a buying renewal. At press time, DOGE was trading at $0.0615.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">DOGE enters a low volatility phase<\/span><\/strong><\/p>\n<div id=\"attachment_261091\" style=\"width: 2995px\" class=\"wp-caption aligncenter\"><a target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51.png\" data-wpel-link=\"internal\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-261091\" class=\"wp-image-261091 size-full\" alt=\"\" width=\"2985\" height=\"1377\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-300x138.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-1024x472.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-768x354.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-1536x709.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-2048x945.png 2048w\" data-lazy-sizes=\"(max-width: 2985px) 100vw, 2985px\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-261091\" class=\"wp-image-261091 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51.png\" alt=\"\" width=\"2985\" height=\"1377\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-300x138.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-1024x472.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-768x354.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-1536x709.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/DOGEUSD_2022-10-01_19-44-51-2048x945.png 2048w\" \/><\/a><\/p>\n<p id=\"caption-attachment-261091\" class=\"wp-caption-text\">Source: TradingView, DOGE\/USD<\/p>\n<\/div>\n<p><span data-preserver-spaces=\"true\">While the bearish pressure seemed to revive near the 50 EMA, the resultant reversal has kept DOGE bulls under control. The $0.067 zone highlights the high liquidity area that the bulls would strive to retest in the coming sessions.\u00a0<\/span><span data-preserver-spaces=\"true\">But the bearish hammer from the 50 EMA made the near-term bearish inclinations quite apparent.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Given the recent tendencies of DOGE to revive from its long-term trendline support, the buyers would look to induce a rally. Any incline above the 50 EMA could help buyers test the $0.065-$0.068 range before a likely rebound.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A continued pull below the $0.058 mark would put DOGE in a position to book further losses. The sellers would aim to inflict a pulldown toward the 11-month trendline support in the $0.052-$0.055 range.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Nonetheless, the buyers should look for the RSIs close above the midline to gauge the chances of a bull run. A continued sway near the midline would hint at consolidation tendencies.\u00a0<\/span><span data-preserver-spaces=\"true\">Interestingly, the OBV\u2019s lower peaks bullishly diverged with the price action.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Diminishing Daily active users and Development Activity<\/span><\/strong><\/p>\n<div id=\"attachment_261092\" style=\"width: 3850px\" class=\"wp-caption aligncenter\"><a target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022.png\" data-wpel-link=\"internal\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-261092\" class=\"wp-image-261092 size-full\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 3840px) 100vw, 3840px\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-261092\" class=\"wp-image-261092 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2022\/10\/Dogecoin-DOGE-19.35.49-01-Oct-2022-2048x693.png 2048w\" \/><\/a><\/p>\n<p id=\"caption-attachment-261092\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p><span data-preserver-spaces=\"true\">With the development activity and the daily active users taking a plunge, DOGE has struggled to drive up its demand over the last two months. Not surprisingly, the price action has relatively entered into low volatility while exhibiting fragility.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">Conclusion<\/span><\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">Basically, DOGE stood at a critical spot. Its current technical readings hint at decreased volumes and a fragile movement. A close above 50 EMA could reignite near-term bullishness. In either case, the selling triggers and targets would remain the same as discussed above.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Finally, the dog-themed coin shares a 57% 30-day correlation with the king coin. Thus, keeping an eye on Bitcoin\u2019s movement would complement these technical factors.<\/span><\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/ambcrypto.com\/assessing-dogecoins-potential-to-rebound-from-its-defending-zone\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Dogecoin strived to breach its 50-day MA resistance, can it find renewed buying pressure? The meme-coin marked a decline in daily active users and development activity Since reversing from the $0.3 level in September [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30758,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[2074,11539,3738,1270,1104,1141],"class_list":["post-30757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-assessing","tag-defending","tag-dogecoins","tag-potential","tag-rebound","tag-zone"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/10\/Untitled-design-2-1000x600.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30757"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30757\/revisions"}],"predecessor-version":[{"id":30759,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/30757\/revisions\/30759"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/30758"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30757"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}