Dogecoin (DOGE) Steadies Above Support: Can It Build Momentum?

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As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a sense of déjà vu when I see Dogecoin revisiting the $0.30 support zone yet again. It seems like every bull run has its fair share of ups and downs, and Dogecoin is no exception.

Dogecoin recently found support at around $0.30 when matched with the U.S. dollar. At the moment, Dogecoin seems to be holding steady within this range. If Dogecoin manages to surpass its current resistance level of approximately $0.3165, it could potentially regain momentum.

  • DOGE price started another decline and traded toward the $0.300 level.
  • The price is trading below the $0.320 level and the 100-hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance at $0.3165 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could gain momentum if it clears the $0.3165 and $0.320 resistance levels.

Dogecoin Price Revisits Support

As an analyst, I’ve observed a fresh downtrend in Dogecoin’s price, mirroring movements in Bitcoin and Ethereum. The value of Dogecoin dipped below the supportive levels at $0.3250 and $0.320, with a brief spike falling under $0.3120.

Currently, a dip formed at $0.3081 and prices are holding steady after experiencing some losses. However, it has managed to regain some ground and surpassed $0.3150. It reached the 23.6% Fibonacci retracement level of the decline from the peak at $0.3427 to the trough at $0.3081.

Currently, Dogecoin’s price is falling below the $0.320 mark and its 100-hour moving average. A potential barrier for any rise in price can be found at approximately $0.3165. Additionally, a downward trend line is forming on the hourly chart of DOGE/USD pair, with resistance at the same $0.3165 level.

A potential hurdle for the bulls might appear around the $0.3250 mark, which is approximately halfway through the price drop from the peak at $0.3427 to the trough at $0.3081.

Approaching next, a significant barrier lies around the $0.3295 mark. Breaking through this barrier at $0.3295 could lead the price to target the $0.350 resistance. If it continues to climb, the potential destination could be the $0.3680 level. The bulls’ next significant goal might be $0.40.

Another Decline In DOGE?

Should the value of DOGE not surpass the $0.3165 mark, it might trigger a new drop. A potential floor during this decline could be around $0.3120. The following substantial support lies at approximately $0.3080.

Essentially, the key level of resistance lies at $0.30. Should the price drop below this crucial support level of $0.300, it may continue to fall. In that scenario, we could see the price moving towards the $0.2850 mark or potentially even reaching $0.2620 in the short term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.3080 and $0.3000.

Major Resistance Levels – $0.3165 and $0.3250.

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2024-12-27 08:10