InstaForex

September 23, 2021

Where Is DOGE Heading After So Long?

 The value of Bitcoin and Altcoins rebounded in yesterday’s trading session after getting good news from the development of the Evergrande issue released in yesterday’s article.


Dogecoin which has been moving gloomily in the market is now back with a positive jump producing a 15% jump reaching a high of $ 0.23 ending yesterday's trading session.


Current sentiment has recently supported Dogecoin to re-ignite the phenomenon when the world’s largest cinemas want to accept Dogecoin as payment for sale and purchase transactions.


As a result, investors are still waiting for Dogecoin to return to 'sting' in the market as before.


Based on the DOGE/USDT chart, evaluating the September trading session, DOGE saw a weak price movement decline of almost 40% until it re -tested the focus support levels in June and July.


From a technical point of view, the DOGE price movement is seen trying to regain the upward momentum and is heading to the SBR (support become resistance) zone of $ 0.25.



If DOGE remains with bullish momentum, the $ 0.25 RBS level needs to be tested first before making a higher jump.


Meanwhile, if DOGE is unable to continue its upward momentum, the $ 0.21 support level will be the focus to be tested before making a decline to lower levels.


The level will also be the next observation by investors before declining lower.


At the time of writing, DOGE traded $ 0.22 up over 9% in the last 24 hours.