2021-03-10 01:09:26

DOGE stays above key SMA but nearby resistance probes buyers

  • DOGE/USD picks up bids above 200-bar SMA, remains inside three-week-old symmetrical triangle.
  • Momentum favors bulls, triangle’s support adds filters to the south-run below the key SMA.

Dogecoin keeps the previous day’s bounce off 200-bar SMA while rising to $0.0584, up 0.72% intraday, during early Wednesday.

Considering the upbeat MOM signals, DOGE/USD is eyeing the resistance line of a symmetrical triangle established since February 18, currently around $0.0630. However, any further upside will need to cross the late February tops surrounding $0.0660 to recall the bulls.

Following that, $0.0730 may offer an intermediate halt during the quote’s rally towards the previous month’s peak, also the all-time high near $0.0880.

Meanwhile, a downside break of 200-bar SMA, at $0.0566 now, can drag the cryptocurrency pair back to the stated triangle’s support line, currently around $0.0500.

In a case where the DOGE/USD bears dominate past-$0.0500, $0.0448 and February’s bottom close to $0.0415 should return to the charts.

DOGE/USD four-hour chart

Trend: Further recovery expected

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