Dogecoin likely to move upward, confirms bearish fakeout

Dogecoin jumps as high as 6.5% over the day and is moving above the daily Tenkan-Sen. Upside momentum is strong, but the weekend may experience volatility.

Written by October 2, 2021 14:02
Dogecoin

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.

Dogecoin

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.

Baby Doge - Shiba INu

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.

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