- The Dogecoin price sees renewed buying interest when a new week begins.
- DOGE bulls are battling 21-DMA within a falling wedge formation on the 1D chart.
- 100-DMA continues to protect the bearish move amid the bullish RSI.
Amid growing market criticism of centralizing DOGE supply, the dog-inspired cryptocurrency is trying to regain a foothold after selling off the previous week to a two-week low of $ 0.2661.
Dogecoin price starts a brand new week positive, consolidating Friday’s rapid rebound around the $ 0.29 region as the bulls return this Sunday. Markets viewed Fed chief Jerome Powell’s Jackson Hole address as not restrictive enough, fueling a new upswing in cryptos on Friday.
For the DOGE price, the recent drought of celebrities has kept buyers on the sidelines. However, with Bitcoin heading for the $ 50,000 threshold again, the DOGE cops are trying their luck again.
The 7th most traded coin lost 8% in the past seven days and now added 1.50% on the day after posting two straight weekly losses.
DOGE / USD: A sustained rise above the 21-DMA to revive bullish interests
The meme coin has made lower highs and lower lows on the daily chart since it peaked at $ 0.3552 on August 16. This price move in Dogecoin has formed a falling wedge formation that is usually viewed as a bullish continuation pattern.
DOGE bulls will need to break the falling trendline resistance at $ 0.3127 to break the wedge up. Buyers will then keep an eye on the round number of $ 0.35.
However, for any upside attempt, DOGE price must provide a daily closing price above the upward trending 21-day moving average (DMA) at $ 0.2954, which is currently holding back the rebound in buying.
The 14-day Relative Strength Index (RSI) is trading flat while trading just above 50.00, which offers some support to the DOGE bulls.
DOGE / USD: daily chart
All pullbacks will meet initial demand at $ 0.2672 where the declining 100 DMA aligns. Note that the price has not made a daily close below the 100 DMA support line since August 14th.
Additional downside pressure could threaten falling trendline (wedge) support at $ 0.2590.
Any sustained move below the latter should open the downward move towards the slightly bullish 50-DMA at $ 0.24.