Dogecoin (DOGEUSD) Price Forecast: May 27
The Dogecoin price is very likely to face the positive side soon after completing the dip lows. Therefore, if the bulls can add more aggression to their buying power, the coin price might possibly break up from the support trend line at a $0.06860 low level to release the trapped bullish momentum. Hence, the upcoming bullish pattern may push the coin price to reach the $0.20000 upper resistance mark.
Key Levels:
Resistance Levels: $0.11000, $0.12000, $0.13000
Support Levels: $0.08000, $0.07000, $0.06000
DOGE (USD) Long-term Trend: Bearish (Daily Chart)
The long-term market value of Dogecoin is moving in a bearish direction in the higher time frame. The coin price can be seen below the supply levels, indicating a bearish trend.
During yesterday’s session, the pair dropped and held to the $0.06929 support level. This has made the price of Dogecoin stay below the resistance lines in its recent low.
Today, the bulls are trying hard to remain above the $0.08981 supply mark, so there is a possibility for the coin price to pull back at the current support of $0.06860 value to invalidate the bearish theory.
Hence, if the buy traders could prove stronger and successfully keep the DOGEUSD prices above $0.08981, the cryptocurrency may likely retest its previous swing high at the $0.11000 value which might put a hold on any further bearish moves.
In a similar vein, the coin may likely rebound at the mentioned support as indicated by the daily stochastic which is pointing upwards in the oversold region. It indicates that the DOGEUSD pair is oversold. This will compel the buying pressure to resume full and the new bullish pattern may rise to hit the $20000 upper high mark in the coming days on the daily chart.
DOGE (USD) Medium-term Trend: Bearish (4H Chart)
The coin price still trades in a bearish market in its medium-term perspective. The coin prices can be seen trading below the supply levels.
The sellers acted bravely during yesterday’s session by dumping the price of Dogecoin to a $0.06929 low value below the moving averages which has made the coin remain in a downtrend in its recent high. However, the bulls are now in the market to turn around the trend.
Today, the buy traders made a correction at a $0.07025 value which further increases to the $0.07045 supply mark below the moving averages to resume its uptrend. This indicates an established bull trend.
Also, further jumps are sure; the market now points upwards on the momentum indicator. It indicates that the DOGEUSD pair may likely remain and continue in the same trend. In this case, the buying pressure may persist to push the coin price to the $0.20000 upper high mark in the days ahead in its medium-term outlook.
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