Two important moving averages are plotted on the chart: the 50-day exponential moving average (EMA) and the 200-day EMA. These are widely used to identify long-term and short-term trends.
50-day EMA (white line): Currently at $0.1105, this line suggests short-term support. Prices are trading above this average, indicating that buyers are stepping in to prevent further declines. As long as prices remain above this level, the near-term outlook remains moderately bullish.
200-day EMA (yellow line): The 200-day EMA, located at $0.1169, represents an important long-term support level. The recent price has been above this average, which is a bullish signal. If Dogecoin rises above this level, it would confirm the beginning of a new uptrend and could push the price towards the $0.1300 level.
The crossover between these two EMAs is significant. A recent crossover of price above the 200-day EMA is considered a bullish sign. This suggests that upward momentum could build towards November 2024, especially if the price breaks above this important support level.
