DOGS experienced a notable surge in the past 24 hours, rallying by 8.99%. This upward movement marks a significant recovery for the cryptocurrency, which had been on a downtrend for the past few days. With bulls regaining control, the price action has caught traders’ attention. However, challenges lie ahead as DOGS approaches key resistance levels.
Price Action and Moving Averages
DOGS started the recent trading session at $0.0010537, and buyers quickly pushed the price to a high of $0.0011400. It closed the session at $0.0011150, showing strong buying pressure. The bullish momentum is reflected in the hourly chart, where DOGS managed to break above the 50 EMA at $0.0010523.
However, despite the bullish surge, DOGS still faces challenges. The 100 EMA at $0.0010987 presents the first resistance level that needs to be overcome. A decisive break above this level could pave the way for a test of the 200 EMA at $0.0011897, which is a key hurdle for further upward movement.
Resistance and Support Levels
The 20 EMA, currently at $0.0010397, is the immediate support level. If the bullish momentum falters and DOGS fails to sustain the upward move, it could drop back to this level. On the upside, breaking above the 200 EMA would be a strong bullish confirmation, potentially leading to further gains toward $0.0012500.
The Average Sentimental Oscillator (ASO) further confirms the bullish momentum. The blue line of the ASO has crossed above the red line, signalling a shift in market sentiment towards the bulls. The current ASO values are 50.9421591 (blue) and 49.0578409 (red), reinforcing the idea that buyers are gaining market control.
Conclusion
DOGS has shown significant strength in the past 24 hours, with an 8.99% increase in price. The break above the 50 EMA indicates that bulls attempt to regain control. However, the 100 EMA at $0.0010987 and the 200 EMA at $0.0011897 are key resistance levels that must be watched closely. The ASO indicator supports the bullish case, but traders should be cautious as DOGS approaches these critical levels. A break above the 200 EMA could lead to further gains, while failure to do so may see DOGS retesting lower support levels.
