Well, well, well, if it ain’t ol’ Dogecoin, trying to wag its tail above the $0.250 mark against the almighty Dollar. Consolidating like a hound dog eyeing a juicy steak, it might trip over hurdles near $0.2655.
- DOGE price sprang up like a Jack-in-the-box from the $0.2500 and $0.2520 ditches.
- It’s currently prancing above the $0.250 level and the 100-hourly simple moving average, looking all proud and shiny.
- There was a break above a connecting bearish trend line with resistance at $0.2515 on the hourly chart of the DOGE/USD pair (data sourced from Kraken, the mythical beast of the crypto seas).
- If it clears the $0.260 and $0.2655 resistance levels, it might just start another moon-bound adventure.
Dogecoin price took a dive from the $0.2940 resistance zone, just like its bigger crypto cousins, Bitcoin and Ethereum. DOGE took a belly flop below the $0.280 and $0.2655 support levels and even did a swan dive below $0.250.
A low was formed at $0.2388, and now the mutt is back on its paws, rising like a phoenix from the ashes. It even mustered the courage to jump above the 23.6% Fib retracement level of its downward spiral from the $0.2933 swing high to the $0.2388 low. And lo and behold, it cleared the $0.2500 resistance level!
There was a break above a connecting bearish trend line with resistance at $0.2515 on the hourly chart of the DOGE/USD pair. Dogecoin price is now strutting its stuff above the $0.250 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.260 level, where the big dogs play.
The first major resistance for the bulls could be near the $0.2655 level or the 50% Fib retracement level of the downward wave from the $0.2933 swing high to the $0.2388 low. The next major resistance is near the $0.2725 level, where the treats are hidden.
If the DOGE manages to jump over the $0.2725 fence, it might just run wild toward the $0.300 resistance. Any more gains, and it might think it’s the king of the jungle, heading toward the $0.320 level. The next major stop for the bulls might be $0.3420, where the real party starts.
But if DOGE’s price fails to climb above the $0.260 level, it might start another slide down the crypto playground slide. Initial support on the downside is near the $0.2520 level, where the safety net is supposed to be. The next major support is near the $0.250 level, the ground floor of this shaggy dog story.
The main support sits at $0.2380. If there’s a downside break below the $0.2380 support, the price could end up in the doghouse, declining toward the $0.2250 level or even $0.2120 in the near term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone, like a dog with a bone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level, proving it’s not just a lazy hound.
Major Support Levels – $0.2520 and $0.2500, where the dog treats are hidden.
Major Resistance Levels – $0.2600 and $0.2655, where the big dogs roam.
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2025-02-11 08:12