As a seasoned analyst with years of experience in the crypto market, I find myself intrigued by Dogecoin’s recent recovery wave from the $0.0888 zone against the US Dollar. The price is indeed aiming for a fresh increase above $0.100, and it seems that DOGE might even clear this resistance zone if current trends continue.
Dogecoin has begun a rebound following its position at around $0.0888 versus the U.S. dollar. If current trends continue, Dogecoin could potentially surpass the $0.100 resistance level.
- DOGE price is aiming for a fresh increase above $0.100.
The price is trading above the $0.0950 level and the 100-hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $0.0955 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could gain bullish momentum if it clears the $0.0980 and $0.100 levels.
Dogecoin Price Eyes Sustained Gains
Following a significant drop, Dogecoin’s price stabilized around the $0.0888 area. It then established a foundation and has since begun a rebound similar to Bitcoin and Ethereum. The price surpassed the resistance levels of $0.0920 and $0.0935 recently.
The cost surpassed the 50% Fibonacci retracement point during the decline from the peak of $0.0994 to the low of $0.0889, and it also broke through a bearish trend line with a resistance at $0.0955 on the hourly chart for the DOGE/USD pair, indicating a potential shift in market sentiment.
Currently, Dogecoin’s price has risen above the $0.0950 mark and also surpassed its 100-hour moving average. The next potential hurdle for further growth is around the $0.0970 mark or the 76.4% Fibonacci retracement level of the downward trend from the peak at $0.0994 to the trough at $0.0889.
As an analyst, I’m pointing out that the next significant resistance lies around the $0.0995 mark. If we manage to close above this resistance at $0.0995, it could potentially propel the price towards the $0.1050 level. Any further gains might then push the price up towards the $0.1150 level. For the bulls, a potential next stop could be around the $0.1200 mark.
Another Decline In DOGE?
If Dogecoin’s value doesn’t manage to surpass $0.0995, there’s a possibility it may drop again. A potential floor for this decline could be around $0.0938. The following significant support lies at the $0.0900 mark.
If the main backing drops beneath the $0.0880 level, there’s a possibility that the price will decrease more significantly. It could potentially fall towards the $0.0850 mark, or perhaps even as low as $0.0835 in the short term, if this support breaks.
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 – $0.0938 and $0.0900.
Major Resistance Levels – $0.0995 and $0.1050.
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2024-09-09 08:10