Dogecoin analysis today, September 6, 1403
Dogecoin analysis suggests that this digital currency may remain in the corner pattern of its daily chart for a few more days.
Summary of analysis
- Dogecoin selling pressure is growing at low levels.
- If Dogecoin breaks above its 20-day EMA, it indicates that its downtrend is likely over.
According to Cointelegraph, Dogecoin
Doge:
In the previous days, it hit the 50-day simple moving average (red wave, $0.11) and declined. This indicated that the selling pressure of Dogecoin is growing at low levels.
In general, if Dogecoin reaches above the 20-day EMA, it indicates that its downtrend is likely over. Breaking the resistance of the corner pattern and closing the Dogecoin candle above it shows that the trend of this digital currency has changed. In this case, Dogecoin can start a new upward movement towards the range of $0.14 or even $0.18.
On the contrary, if the price of Dogecoin reaches the bottom of the 20-day EMA, it indicates that it is likely to stay inside the corner pattern for a longer period of time. The analysis of Dogecoin shows that in this case its price may decrease to the range of $0.09. The issue is going to grow within this range of Dogecoin buying pressure.
Analytical content published in Eviralnews is for educational and informational purposes only, and is not an investment recommendation or a buy or sell signal. Investing in the digital currency market is associated with a high risk, and the user is obliged to conduct his own study and analysis in relation to the desired asset before any investment.
