Altcoins have picked up the bullish momentum after easing in the previous session. On Thursday, Dogecoin price wavered around the crucial support level of $0.30. Notably, the market was reacting to the tapering talks included in the FOMC meeting minutes released on Wednesday.
Bitcoin, the leading cryptocurrency by means of market capitalization, has surged by about 7% since hitting Thursday’s low of slightly under $44,000. The rallying has spilled over to other cryptocurrencies. For instance, Ethereum price has bounced off the support zone of $3,000 to its current $3,212.
Dogecoin price technical outlook
Dogecoin price has eased at around 0.31 after bounding back from Thursday’s low of 0.29. At the time of writing, it was up by 1.42% at 0.32. For about a week now, 0.30 has been a crucial support zone.
On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. In the immediate term, it is likely to continue finding support along the 25-day EMA at 0.31. It may drop to 0.30 before bouncing back to that support level.
On the upside, Dogecoin price may experience resistance at 0.32, thus yielding tight range trading. If the bulls gather enough momentum to push the price past that level, the crypto will a step closer to the next target at 0.35. However, the bulls will still need to push past the prior resistance level of 0.33.