Buyers well supported the price of DOGE!



10/29/20220 min read

DOGE has been growing very well in the past few days. Buyers well supported the price of this currency. After the news of Elon Musk's purchase of Twitter, it was accompanied by more support from buyers, and after breaking the resistance of the $0.080 range, it moved towards the resistance of the ceiling of the range channel. Now the price is trading in the range of $0.10. Even this time, there is a potential to increase the price above the range of $0.10 and even a fake break of this area. Therefore, in this range, considering that the RSI indicator is inside the oversaturation range and shows the number 87. Thus, the probability of price reaction to this resistance area is high.

On the other hand, the ceiling of the long-term descending channel of this currency has been broken by the last daily candle, and it needs a further price increase to the $0.10 range to stabilize. After the pullback, we can expect more growth. If traders' emotional buying continues, the price could hit the $0.106-$0.120 resistance area without a pullback, which will have a stronger negative reaction, and the selling pressure in this area will increase significantly.

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