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Dogecoin saw a sharp price move on Tuesday as the broader crypto market rose higher. Crypto market strength extended into Tuesday, with Dogecoin rising for the second day. DOGE saw a significant jump from $0.09 and $0.0997 on Tuesday, printing a large daily candlestick.
At the time of writing, Dogecoin was inching closer to $0.10, trading up 8.16% in the last 24 hours to $0.9922. The dog coin has reversed weekly losses, now up 11% in the last seven days.
Dogecoin's price jump follows the broader recovery of the market as major cryptocurrencies rebounded on Tuesday when optimism rippled through risk markets.
However, the rise could not achieve the $0.10 mark, only reaching $0.0997. A slight barrier is seen above $0.99, as the Dogecoin price retreated from $0.992 on March 5, falling for four straight days.
Even resistance is anticipated slightly higher, above $0.10 at $0.104 and $0.106, with Dogecoin testing these price points on Feb. 25 and March 4, respectively, but had a failed breakout.
Dogecoin price
The daily RSI is slightly above 50, hinting at potential sideways trading and a slight advantage to the bulls.
The same sideways trading scenario is present on the four-hour chart, with the setup leading to a potential 37% move.
According to Alicharts, Dogecoin (DOGE) is consolidating in a triangle on its short-term charts, setting up for a 37% price move. Ali highlighted a triangle pattern forming on Dogecoin's four-hour chart, with the potential for a 37% move, which will target $1.33 if confirmed.
On-chain and derivatives indicators indicate the market is eyeing stability after the recent sell-off, though conviction is yet to fully return. Analysts believe that the market "already absorbed the negatives and priced them in," with the next move now being awaited.
This week awaits a slew of economic data, with investors bracing for February inflation data due Wednesday, followed by the January personal consumption expenditures index and JOLTS job openings figures on Friday.
Dan Burgin
Vladislav Sopov
