Dogecoin Bounces Up From Support, Prints Possible Bull Flag: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
Dogecoin (CRYPTO: DOGE) is consolidating above the 200-day simple moving average (SMA), indicating a period of consolidation. The crypto has been trading mostly sideways since July 25. If Dogecoin breaks up from the flag on higher-than-average volume, it could rise up toward the 9-cent level. However, if it breaks down under the 200-day SMA, a downtrend is likely to be confirmed.
July 31, 2023 | 9:04 pm
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Dogecoin is consolidating above the 200-day SMA. If it breaks up from the flag on higher-than-average volume, it could rise up to 9 cents. However, if it breaks down under the 200-day SMA, a downtrend is likely to be confirmed.
The article suggests that Dogecoin is in a period of consolidation, trading above the 200-day SMA. This could indicate a potential upward movement if the crypto breaks up from the flag on higher-than-average volume. However, if it breaks down under the 200-day SMA, a downtrend is likely to be confirmed, which could negatively impact the price.
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