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The cryptocurrency market is experiencing slight profit-taking following the explosive moves seen at the week’s start. Dogecoin (DOGE) bulls continue to push for a breakout above the key $0.27 level. At the time of writing, DOGE was exchanging hands at $0.2589, up 3.16% in the last 24 hours and 21.81% weekly. Youth-focused fashion retailer PacSun will accept cryptocurrency payments from online shoppers starting this week through a partnership with payment provider BitPay. PacSun will be the first major brand in the fashion and retail space to accept cryptocurrencies and will support 11 digital assets, Dogecoin inclusive. In another adoption news, AMC CEO, Adam Aron announced on Oct. 6 that users can now buy AMC Theatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrencies using a BitPay Wallet accepted on its website, mobile app, and in theatres.
Key Levels
Resistance levels: $0.3500, $0.3000, $0.2755
Support Levels: $0.1950, $0.1593, $0.1357
DOGE/USD Daily Chart: Ranging
DOGE/USD Daily Chart
Dogecoin inches up, thanks to the support from the present recovery momentum. Price action has spent the past months consolidating after attaining all-time highs of $0.76 in May. The narrowing range indicates stiff pressure from both sides and a breakout would dictate the direction for the days to come. Near-term upwards momentum seems more plausible, causing us to look closer to the positive crossing of the moving averages and then the MA 200, located at the $0.2619.
A decisive break below this level would open the way towards $0.355, the upper boundary area narrowing the trading range. Only a break of this area would revive bullish bets towards the $0.46 and $0.60 levels. On the downside, a drop below the present range support at $0.19 would prolong the correction to the $0.15 level.
DOGE/USD 4-Hour Chart: Ranging
DOGE/USD 4-Hour Chart
The dog-themed coin lifted above the $0.20 support on Sept. 30, opening the door to the retest above the MA 50 and 200 key levels at $0.219 and $0.236. The bulls are striving to push above the $0.272 high. Then the psychological all-time high of $0.30 would be within reach. DOGE needs to break above the $0.30 level before an uptrend continuation seems likely.
A breakout past this high would target the $0.35 and the $0.46 levels. Above this area, resistance levels come in at $0.60 and $0.76 May all-time highs. On the downside, a correction would target the support at the moving average 200 at $0.236 ahead of the MA 50. In brief, DOGE’s short-term bias is tilted to the upside, but its market structure remains neutral, as the RSI is indicative of consolidation.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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