After Monster Rally, Dogecoin (DOGE) Pushing Multi-Year Resistance

After Monster Rally, Dogecoin (DOGE) Pushing Multi-Year Resistance

Dogecoin (DOGE), beloved of crypto traders old and new, has repeated its classic move and shot up as much as 140% in the past two days. With this move, it is pushing on a multi-year resistance zone. If that were to break, we would see something truly interesting.

We can see this on the weekly DOGE/Bitcoin chart, from the (once-mighty) Poloniex exchange. This trending zone has been respected since June 2017, which many consider the first great “alt season”.

Watch this closelyDOGE chart by TradingView

The two key levels here are ₿0.00000038 (38 sats) and 79 sats, which make up the block of the resistance area on the weekly chart. This poses a very clear criterion for us to be aware of: the weekly has not closed within this zone in three-plus years; and come Monday, if it is above 38-ish sats, DOGE will be looking interesting still.

Moving to the daily DOGE/USDT chart, we see a similar, if less slanted situation. If the rocket 140% move is to make any inroads into a  new price structure, it will have to hold on a retest at about $0.0033.

<!–

–>

A new market structure?DOGE chart by TradingView

That doesn’t look like it should be too difficult, and we could instead see a hold somewhere much more impressive like $0.0045 and above.

At any rate, we need to watch that DOGE/Bitcoin weekly chart. Breaking resistance seems too hard to believe; but we could well see DOGE/USDT continue up – and this would imply a leg up for Bitcoin. Thus, DOGE/Bitcoin may tell us just as much about the broader crypto market as it does about Dogecoin itself.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com