Dogecoin price movement has improved slightly, with a modest gain in the recent drop. Technicals were severely negative but have since turned bullish due to a rapid positive trend. July 17 represented the start of a new bullish crossing. But without solid purchasing momentum and enthusiast activity, this signal might quickly turn negative.
The increase in volume and pricing on July 18 has given Dogecoin aficionados renewed optimism. Market value has also increased by USD 1 billion to USD 8.85 billion, confirming Dogecoin’s improved placement at #10. A 50 EMA curve appears to be thwarting Dogecoin’s consolidation price action.
Although you may notice specific positive trends and technical indications, there is a considerable probability of continued consolidation until the 50 EMA enters the zone. Overcoming the 50 EMA resistance is a fundamental feature that price movement must overcome before advancing in a good direction.
With YTD price momentum being severely negative, Dogecoin will need to significantly upscale to recoup comparable levels. Bitcoin’s poor performance and profit booking attempts following each positive swing movement dampen bullish momentum.
As the price movement has frequently lost strength before the last stop, a profit booking for Dogecoin might be on the way, driving prices farther down. Investors can interpret today’s price behavior as confirmation of a trap-like situation developing on Dogecoin. Read Dogecoin price prediction to understand better about it’s future.
DOGE’s movement this week will either indicate the affiliation in a wrong direction or offer strength to go towards urgent opposition. DOGE requires numerous days of double-digit purchasing activity to benefit from the changing tide of cryptocurrencies.