NEW DELHI (CoinChapter.com) — Dogecoin (DOGE) price has been trending upward for a week and reached $0.1053 on Nov 29 from its Nov 22 low of $0.073.
The overall crypto market registered a minor recovery rally on Nov 29. However, news of BlockFi’s bankruptcy might ignite fresh bearish fears among investors. Despite the bearish news, DOGE’s price jumped 12.5% to its intraday high of $0.105.
One of the largest Dogecoin whales moved nearly 300 million from their wallet.
The whale movement came immediately before the DOGE price rose by nearly 8%. Per the on-chain data provider Lookonchain, the whale address likely belongs to the Robinhood exchange. The whale movement indicates increased demand for the prime meme crypto.
Lookonchain also included Elon Musk in its tweet, wondering if the Dogefather had engineered the price rise of Dogecoin.
Given the increased demand, the DOGE price might continue its uptrend.
The momentum oscillator MACD painted a bullish crossover on Nov 27. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).1
A bullish crossover indicates a shift from bearish to bullish momentum for the Dogecoin token. Moreover, expanding histogram bars signify increasing bullishness of DOGE’s price momentum.
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Dogecoin price rebounded off the support zone (purple box) near $0.072, which held strong during the FTX-collapse-led market crash in early Nov.
If bulls continue buying spree, DOGE price might rise to challenge resistance near $0.1063. A break and hold above immediate resistance might help the Dogecoin token price target resistance near $0.117 before downside corrections pare gains.
Meanwhile, the relative strength index for Dogecoin, currently neutral with a value of 61.47, is slowly crawling toward the overbought levels. Traders often consider oversold RSI levels an indicator of impending bearish trend reversal.
An oversold RSI could lead to a sell-off that might send the DOGE price to test support near $0.098. Breaching below immediate support might result in the Dogecoin token price falling by 13.6% to reach support from its 20-day EMA (red wave) near $0.09 before recovering.
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