At the time of writing, the trading price of Dogecoin has been hovering around the $0.09 mark. It is the 20-day EMA for DOGE, and it has been fluctuating around the particular price for the past 2-days.
Although the bulls formed a strong rally and kept buying DOGE, they were not able to push DOGE over the 20-day EMA. The graph shows that every rally that the bulls formed was met with a dip formed by the bears.
It can be seen that the bulls are being obstructed by the bears who are not letting them move DOGE’s price over the $0.09 mark.
If the bears do not let the bulls break out, then the situation may change for DOGE. For now, it is clear that the bears do not intend for the bulls to break through the $0.09 mark.
Bears Aiming to Keep DOGE between $0.07 and $0.10
As of now, the trading price of DOGE may be hovering around the $0.09 mark. However, the bears are not planning to let the bulls keep control of the trend like this.
It is expected that the bears may soon launch their strong selling attack. They may try and pull the bulls down by increasing their selling power. If they are able to do it, then the trading price of DOGE may get pulled lower to the $0.07 mark.
At the time of writing, the $0.07 mark is the strong support level for DOGE. If the price reaches a particular mark, the bulls may come into action. They may actively try and push the price of DOGE higher.
However, if the bears keep giving a strong challenge to the bulls, they may settle at $0.07. The bulls will be forced to reassess their situation and see how they can control the price of DOGE.
They may stop trying to push DOGE above the trading price of $0.10. It would give bears the impression that they have the trend under control. In reality, it would be the bulls trying to strengthen the range between $0.07 and $0.10.
Bulls to Push DOGE up to $0.12
If we look at DOGE’s price from another angle, it would seem that the bears have gotten what they wanted. Therefore, the bulls will need to change this perception and break through the $0.10 barricade.
However, to push through the strong mark, the bulls will need to form a stronger rally. If they are able to manage it, then the trading price of DOGE may get pushed up to $0.12.
This would send a strong message to the bears and they may start retreating from their strong selling positions. This would allow the bulls to form even stronger rallies and push the DOGE price higher.