KEY TAKEAWAYS
Doodles’ crypto price surged to a new high after Upbit listed it.
The altcoin is overbought, but bulls are not slowing down.
Analysis shows that DOOD’s market value could trade higher.
DOOD, the native token of the community-driven media brand Doodles, has soared 135% following its much-anticipated listing on South Korea’s top crypto exchange, Upbit.
Initially trading around $0.0067, DOOD skyrocketed to $0.019, hitting a new all-time high. The listing sparked a surge in trading volume, igniting what many in the market refer to as another “Upbit effect.”
However, the token has since begun to cool off, with holders locking in profits after the rapid climb. Despite this brief retracement, trading volume remains high.
What does this mean for Doodles’ price?
The ‘Upbit Effect’ Strikes Again
On the 4-hour chart, DOOD’s Relative Strength Index (RSI) now sits at 79.34, easing from its earlier overbought peak of 86.39.
The indicator’s downward slope suggests the market is entering a healthy consolidation phase after intense buying pressure.
Similarly, the Bear Bull Power indicator supports this sentiment. Although it remains in the green zone, its histogram bars have begun to narrow, a sign that bullish momentum is gradually slowing.
If this retracement continues, DOOD’s price could retest the $0.0010 support, a level that once acted as resistance during its pre-listing accumulation phase.
DOOD Price Analysis: Next Move Here
On the daily chart, the Moving Average Convergence Divergence (MACD) recently flashed a bullish crossover, with the 12 EMA (blue) crossing above the 26 EMA (orange).
The MACD line remains above the histogram, indicating that bulls continue to hold control.
Further strengthening the bullish outlook, the Directional Movement Index (DMI) indicates that the +DMI (green) stands at 66.38, significantly surpassing the –DMI (red) at 3.92.
This significant gap indicates that buyers continue to dominate the market.
Meanwhile, the Average Directional Index (ADX) reads 39.69, confirming that the current uptrend is well-defined. Readings above 25 typically mark strong, directional momentum.
If this remains the same, Doodles’ price might rise to the highest point of the wick at $0.019. A move toward this point would represent a new all-time high for the cryptocurrency.
Still, if the ADX begins to flatten, it could indicate that the rally is losing steam. Hence, this could allow for a brief consolidation before the next breakout.
The Fibonacci retracement levels offer valuable insight into identifying DOOD’s next move.
The 0.618 Fib level, located just below the $0.013 support zone, suggests that if price breaks beneath this area, DOOD’s price could slide toward the 0.382 Fib level at $0.0085.
However, as it stands, bulls are likely to remain in control and push past the $0.015 resistance.
At the same time, the expanding Bollinger Bands (BB), which have touched the DOOD’s price, preach caution.
