Dogecoin observed a slight increase on Wednesday, successfully overcoming a recent support level during the current session. Earlier this week, the digital asset reached its lowest point in seven weeks. Yet, market enthusiasts took this as an opportunity to invest. Concurrently, Toncoin also exhibited an upward trajectory, marking its return to the $2.00 zone.
Dogecoin (DOGE) managed to surpass an essential support threshold today, as investors decided to capitalize on the recent price drop.
Following its descent to $0.05866 on Tuesday, DOGE/USD achieved a height of $0.05945 in the earlier trading hours.
This movement signifies Dogecoin’s distancing from the $0.05840 price range, which it breached on Monday. This decline had taken the cryptocurrency to its most diminished level since the middle of August.
DOGE/USD – Daily Chart Overview
The current resurgence can be attributed to the 14-day relative strength index (RSI) steering clear of its foundational support at 32.00.
Presently, the index is positioned at a value of 33.72, indicating it’s nearing the oversold territory.
DOGE’s forthcoming significant resistance level is pegged at 37.00. Surpassing this could potentially see DOGE ascending beyond $0.06000.
Toncoin (TON) is another noteworthy performer for Wednesday, showing upward movement from its unique support zone.
The TON/USD pair reached a high of $2.03 earlier, a progression from its recent nadir of $1.98.
The price surge on Wednesday is attributed to traders’ collective efforts to sustain the $1.95 threshold. Subsequently, a cap of $2.10 is now within sights as the next potential target.
TON/USD – Daily Chart Overview
For such a target to be realized, the price momentum, currently resting at 46.42, must overcome a barrier set at 48.00.
Achieving this might pose challenges, especially given TON’s persisting bearish momentum, evident from the previous week’s downturn in moving averages.
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Weekly Technical Analysis Summary
Reviewing the most significant cryptocurrency headlines of the week.
What other factors might have influenced today’s Toncoin resurgence? We welcome your insights in the comment section below.
Frequently Asked Questions (FAQs) about DOGE recovery
What cryptocurrency showed recovery on Wednesday?
Dogecoin, commonly known as DOGE, observed a slight increase on Wednesday after touching its lowest point in seven weeks earlier this week.
Which other cryptocurrency, besides DOGE, showed significant movement on Wednesday?
Toncoin, denoted as TON, also exhibited an upward trajectory on Wednesday, marking its return to the $2.00 zone.
At what price did DOGE descend on Tuesday?
DOGE descended to a low of $0.05866 on Tuesday.
What is the current status of the 14-day relative strength index (RSI) for DOGE?
The 14-day relative strength index (RSI) for DOGE is currently positioned at a value of 33.72, indicating it’s nearing the oversold territory.
What challenges might Toncoin face in the near future?
Achieving a target price of $2.10 for Toncoin might pose challenges, especially given its persisting bearish momentum, which is evident from the previous week’s downturn in moving averages.
More about DOGE recovery
- Dogecoin Official Website
- Toncoin’s Latest Developments
- Cryptocurrency Market Overview
- Understanding Relative Strength Index (RSI)
- Analyzing Cryptocurrency Trends