As a seasoned crypto investor with over a decade of experience in this dynamic market, I find the current Dogecoin (DOGE) price movement particularly intriguing. The recent surge above the $0.100 resistance is a positive sign, and it seems that DOGE could be on its way to test the $0.1080 barrier next.
As a crypto investor, I’ve noticed that Dogecoin has broken through the resistance at $0.100 USD, indicating a positive trend. If this momentum continues, Dogecoin could accelerate further and potentially reach levels above $0.1080.
- DOGE price is climbing higher from the $0.0980 support zone.
The price is trading above the $0.1050 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $0.1050 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh increase above the $0.1080 resistance zone.
Dogecoin Price Starts Fresh Increase
Over the last several meetings, Dogecoin’s value has experienced a notable surge, similar to both Bitcoin and Ethereum, breaking through the resistance at $0.100 and $0.1020 from its starting point around the $0.0950 region.
The price surged beyond $0.1050 and the 100-hour moving average, reaching a peak at $0.1079, but then it started falling. It dropped below the $0.1060 point and even fell lower than the halfway mark of the upward trend from the $0.1020 low to the $0.1079 high.
Nevertheless, the bulls have been quite active around the $0.1040 mark. They seem to be defending the 61.8% Fibonacci retracement level of the rally that started from the $0.1020 low and peaked at $0.1079 high.
As a researcher, I’ve noticed an essential bullish trend line emerging with support at approximately $0.1050 on the hourly Dogecoin/USD chart. Currently, the Dogecoin price is ascending and surpassing the $0.1050 mark. The immediate resistance we might encounter on an upward trajectory lies around the $0.1072 level.
Approaching soon is a significant resistance point around $0.1080. If we manage to break through this resistance at $0.1080, it could lead us toward another resistance at $0.1120. Further advancements might push the price up to the potential resistance level of $0.1200. The bulls’ next notable target could be around $0.1350.
More Downsides In DOGE?
If Dogecoin’s price doesn’t manage to surpass $0.1080, it might trigger another drop in its value. A potential first line of defense for a fall could be around $0.1055. The next significant support is anticipated at approximately $0.1035.
If the key level at $0.1020 gives way on a downward break, it’s possible that the price could drop more significantly, potentially falling to around $0.0950 or even as low as $0.0920 in the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1035 and $0.1020.
Major Resistance Levels – $0.1080 and $0.1120.
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2024-08-22 16:34