Dogecoin (DOGE) Hints at Revival: Can It Defy The Odds?

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As a seasoned researcher with years of experience in the crypto market, I find myself closely monitoring Dogecoin‘s (DOGE) recent price movements. After a steep decline that saw DOGE plummet to $0.2613, it appears the coin is recovering its lost ground. The current recovery wave has pushed the price above the crucial $0.30 level and the 100-hourly simple moving average, which are positive signs indeed.

Dogecoin has been trending downwards towards the $0.2620 support level relative to the U.S. dollar. If Dogecoin manages to surpass the $0.3350 resistance, it could potentially regain momentum and continue its upward trajectory.

  • DOGE price started a recovery wave above the $0.30 level.
  • The price is trading above the $0.320 level and the 100-hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $0.3120 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could gain momentum if it clears the $0.3350 and $0.350 resistance levels.

Dogecoin Price Recovers Ground

The price of Dogecoin began to drop significantly, similar to Bitcoin and Ethereum, from a point above 0.3550 USD. Afterwards, the value of Dogecoin fell below the resistance levels of 0.3350 USD and 0.320 USD, with a spike that dipped below 0.280 USD.

Initially, a dip occurred at $0.2613, but the price is now regaining lost ground. It has made some progress and surpassed $0.300. At this point, it touched the 23.6% Fibonacci retracement level of the decline that started from the peak at $0.4095 to the trough at $0.2613.

On the hourly chart for the DOGE/USD pair, a break occurred above a bearish trend line that offered resistance at approximately $0.3120. Currently, Dogecoin’s price is trading above $0.320 and now sits above the 100-hour moving average as well.

Immediately, there might be strong opposition when prices climb towards approximately $0.3350. The initial point where buyers could potentially face significant resistance is either at around $0.3520 or at the 61.8% Fibonacci retracement level of the fall from the high of $0.4095 to the low of $0.2613.

Approaching next, a significant barrier to further growth lies around the $0.3750 mark. Crossing above this barrier could propel the price towards another resistance at $0.3880. If the price continues to rise, it may reach as high as $0.40. The bulls’ next potential target could be $0.4120.

Another Decline In DOGE?

Should the value of DOGE not manage to surpass the $0.3350 mark, there’s a possibility it might initiate another drop. A potential floor in this scenario would be around $0.30. The next significant support lies at approximately $0.2850 level.

If the price falls below the $0.2620 level where the main support currently lies, there’s a possibility that it could drop more. In this scenario, the price could potentially fall towards the $0.250 mark or even as low as $0.2320 in the near future.

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 – $0.3000 and $0.2850.

Major Resistance Levels – $0.3350 and $0.3500.

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2024-12-24 08:10