Dogecoin
Dogecoin price analysis: Despite sideways momentum, the ADX indicator is clarifying the the hidden bustle in DOGE
- The Dogecoin is again stuck in the narrow sideways territory inside the symmetrical triangle pattern.
- The liquidation has dropped sharply in DOGE coin and was observed at $1.1 Billion last night.
- Despite the sideways trend, the ADX indicator is continuing to move higher, is it a bullish indication?
Following the latest pronouncements from admirer Elon Musk, whale transactions in Dogecoin have reached nearly four-month highs. Dogecoin is currently in the top ten in terms of trading volume among the 2,000 greatest BSC whales in the last 24 hours, according to WhaleStats. This occurred following an increase in trade volume to $2.59 billion on April 25.
Dogecoin increased by a whopping 27%. The rush had accelerated when Tesla CEO Elon Musk completed a $44 billion takeover of Twitter. While the price declined the next day, volume remained strong, as seen on WhaleStats.
Dogecoin is again caught by sellers, so the crypto price is looking sideways inside the accumulation zone (green) after seeing two unidirectional spikes.
While managing costs in a symmetrical triangle, the DOGE coin was trading at $0.137, down 2.4% in the past 24 hours according to the CMC. Moreover, the DOGE is down 0.3% with the BTC pair at 0.00000353 Satoshis.
The crypto has stayed above the crucial support of $0.13 for the past several days, making DOGE investors afraid of losing this level. However, the DOGE token saw a sharp drop in liquidations last night at $1.1 billion.
Traders should be aware of hidden activities
On the daily chart, the bears are not allowing DOGE to cross above short-term bullish barriers such as the 20,50, and 100 EMAs. And 200 EMA stood as strong resistance as per long-term outlook.
The daily RSI indicator looks flat below the semi-line (50 mark). On the other hand, the ADX indicator continues to rise, indicating hidden signs of an upcoming bullish trend.
Conclusion
While key technical indicators suggest sideways momentum, the ADX indicator is slowly moving higher, indicating hidden signs of an upcoming bullish trend.
Support level – $0.120 and $0.10
Resistance level – $0.16 and $0.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
