Dogecoin (DOGE) is trading above the 21 SMA and below the 200 EMA. Since November 14, the DOGE has been under bearish pressure.
On December 14, it fell to the low of 0,15 and after a few hours spiked above the 200 EMA towards the zone of 0,2197 (5/8), but the long wick on the candle shows that traders sold at higher levels.
The bears pushed the price below the 21 SMA forming a symmetrical triangle pattern. At the moment of writing, it was breaking this pattern. There is likely to be a strong push towards the 200 EMA at 0,1953.
A breakout and closure above 4/8 Murray and the 200 EMA could take the price up to 5/8 Murray (0,2197) and up to 6/8 around 0,2441.
Conversely, a breakout and closure below 2/8 Murray could lead to a fall to the low of December 4 at 0,13. If this support breaks, Dogecoin is likely to fall to the psychological level of 0,10.
The Eagle indicator is approaching the overbought level. It is likely that in the course of the days it will touch the 95-point area. If this occurs, it may produce a technical correction. We believe that the 0,20 level could be a strong top for the Doge and it could fall below this zone again.
Support and Resistance Levels for December 22 - 23, 2021
Resistance (3) 0,1953
Resistance (2) 0,1898
Resistance (1) 0,1789
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Support (1) 0,1683
Support (2) 0,1594
Support (3) 0,1464
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A trading tip for DOGE on December 22 - 23, 2021
Buy above 0,1709 (21 SMA) with take profit at 0,1953 (4/8) and 0,2197 (5/8), stop loss below 0,1550.