As a seasoned researcher who has been tracking cryptocurrencies for years, I find myself increasingly intrigued by Dogecoin’s recent performance. The coin has shown remarkable resilience and potential, with its current surge of over 20% against the US dollar.
Dogecoin has surged more than 20% and is currently trading above the key support level of $0.1650 versus the U.S. dollar. For Dogecoin to keep rising, it needs to break through the resistance at $0.1780.
- DOGE price started a major increase above the $0.1500 resistance level.
- The price is trading above the $0.1650 level and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $0.1715 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could continue to rise if it clears the $0.1780 and $0.1800 resistance levels.
Dogecoin Price Eyes More Gains
Dogecoin’s price experienced a significant rise, breaking through the barriers of $0.1450 and $0.150. As a result, Dogecoin saw a 20% increase in value, outperforming both Bitcoin and Ethereum. The bullish momentum propelled the price beyond the $0.1650 resistance level.
Currently, a peak was reached at $0.1796, and the price is currently maintaining its growth. It has managed to stay above the significant support level of $0.1720. Additionally, a strong upward trend line is developing with a base at $0.1715 on the hourly chart for the DOGE/USD pair. This trend line provides robust support and lies well above the 23.6% Fibonacci retracement level of the price surge from the $0.1275 low to the $0.1794 high.
Right now, Dogecoin’s price is being transacted above the $0.1650 mark and its 100-hour moving average. A potential obstacle for further growth lies at approximately $0.1765. The next significant resistance can be found around $0.1780.
As an analyst, if the price manages to break above the $0.1780 barrier, it could potentially propel the price towards the next resistance at $0.1800. If this level is surpassed, the price may continue its upward trajectory toward the $0.1850 mark. The next significant target for bulls could be the $0.2000 level.
Are Dips Supported In DOGE?
If Dogecoin’s value doesn’t manage to rise beyond $0.1780, it might trigger another drop. A potential floor for this decline could be around $0.1715, which also lines up with a significant trend line. The following substantial support is expected at $0.1675.
If the key support of $0.1630 gives way and falls, it could trigger a drop in the price. This potential fall may lead the price to approach $0.1500 or even dip down to $0.1420 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 – $0.1715 and $0.1675.
Major Resistance Levels – $0.1780 and $0.1800.
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2024-10-30 08:28