As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by Dogecoin’s current position. The dog-themed coin has shown resilience, but its failure to breach the $0.1120 mark against the US dollar is a hurdle that needs to be addressed.
As a crypto investor, I found that Dogecoin didn’t manage to break through the resistance at $0.1120 and instead corrected its gains against the US Dollar. However, the bulls are still active around $0.1080, suggesting they may drive the price up again in the near future.
- DOGE price is eyeing an upside break above $0.1120.
The price is trading above the $0.1080 level and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start another increase if it clears the $0.1100 and $0.1120 resistance levels.
Dogecoin Price Eyes Upside Break
The price of Dogecoin surpassed the $0.1100 barrier, reaching as high as $0.1110. However, a drop followed soon after, mirroring the recent declines seen in Bitcoin and Ethereum from their respective peaks at these levels.
The price dropped beneath both $0.1100 and $0.1095 thresholds, falling below the 23.6% Fibonacci retracement line from the price swing low at $0.1037 to the high at $0.1111. Additionally, it broke a significant bullish trendline, initially offering support at $0.1090 on the hourly Dogecoin-to-USD chart.
Despite the bulls being active close to $0.1075, they made sure to safeguard the 50% Fibonacci retracement level during the upward trend from the $0.1037 low to the $0.1111 high. The price of Dogecoin currently stands above the $0.1080 mark and the 100-hour moving average.
As an analyst, I’m observing that the immediate barrier to further upward movement appears around the $0.1095 mark. Should we surmount this, the following significant resistance would be at approximately $0.1120. Overcoming this level could potentially propel the price towards the $0.1132 resistance. Any additional gains might then push the price towards the $0.1150 level. The bulls’ next substantial target could be around $0.1200.
More Losses In DOGE?
If Dogecoin’s value doesn’t manage to rise above the $0.1095 mark, it might trigger another drop. A potential floor in this scenario could be at around $0.1080. If the price continues to fall, a significant support level can be found near $0.1065.
The significant base for the price is currently at $0.1050. If this level is breached and broken downwards, it could lead to a possible decrease in the price. In such a scenario, the price may drop towards the $0.1000 mark or potentially reach as low as $0.0950 in the immediate future.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1065 and $0.1050.
Major Resistance Levels – $0.1095 and $0.1120.
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2024-09-26 10:16