Dogecoin likely to move upward, confirms bearish fakeout

The meme crypto coin, Dogecoin witnessed a spike of 6.5% over the day, enabling a movement above the daily Tenkan-Sen. A week has passed since the current close touched the Tenkan-Sen, which resulted in a possibility of returning to that level.

The price of Dogecoin is likely to quickly reach $0.25 given the clean close above the Tenkan-Sen. There is a great possibility of Dogecoin been pushed between the Tenkan-Sen and 38.2% Fibonacci retracement priced at $0.2324. Further, the support of oscillators will push the potential if buyers can rally Dogecoin above $0.2121.

Besides, the Relative Strength Index has moved into the bear market domain and showcases support found against the first oversold situation at 30. Meanwhile, the Composite Index manifested a bullish crossover of its fast and slow-movement of average respectively.

However, if the Dogecoin price fails to reaches the position close above the Tenkan-Sen, the development of hidden bearish divergence will occur, which is a warning that downside pressure is likely to happen.

The traders should concentrate on the location of the Chikou Span, which is presented below the Cloud.

Though during the intraday session the upside momentum was strong, there is a chance of volatility on the weekends. Recently, the swing lows remained at $0.194 which can be broken easily. Besides, a breakdown below $0.1940 may create a dangerous move towards the value area of $0.1211.