Dogecoin and Litecoin: Doge above EMA 200 remains bullish
- The Dogecoin price dropped to a new weekly low on Friday at the 0.08893 level
- On Friday, Litecoin retreated to the $61.25 support level
Dogecoin chart analysis
The Dogecoin price dropped to a new weekly low on Friday at the 0.08893 level. Shortly after its formation, the price stabilized above 0.09000. Over the weekend, we saw a continuation to the bullish side and a break above 0.09600 and the EMA 50 moving average. On Monday, Dogecoin found new support at the EMA 200 moving average. That contributed to seeing a strong bullish consolidation and a jump last night to the 0.10495 level.
Today’s picture is more in favor of a sideways trend, and the price is moving in the range from 0.10200 to 0.10450. Dogecoin is currently above the daily open price and close to breaking above and forming a new weekly high. Potential higher targets are 0.10600 and 0.10800 levels. For a bearish option, we need a negative consolidation below the 0.10200 level. This forces us to form a new daily low. After that, we expect to see further pullbacks and lower Dogecoin prices. Potential lower targets are the 0.10000 and 0.09800 levels.
Litecoin chart analysis
On Friday, Litecoin retreated to the $61.25 support level. After that, we saw an attempt to recover on Saturday, which was stopped at the $64.15 level. There, the price lost its bullish momentum again and started a new pullback. On Sunday, we saw a breakout of Friday’s low and the formation of a new one at the $60.00 level. At the beginning of this week, Litecoin was under pressure at $61.00, which resulted in a drop to $59.66.
Soon after, the price stabilized and started a recovery up to the $62.00 level. The move back above the EMA 50 moving average did us no good, as we saw another pullback to the $60.35 level. We manage to hold above and recover slightly to $60.90. Litecoin must continue above the $61.00 level if it plans to stay on the bullish side. Potential higher targets are the $62.00 and $63.00 levels.
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