Dogecoin (DOGE) Leaps Higher: Can The Momentum Last?

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As a seasoned researcher with years of experience analyzing cryptocurrency markets, I find the current Dogecoin (DOGE) recovery quite intriguing. After a dip to the $0.1020 zone against the US Dollar, DOGE is showing positive signs and seems poised to clear the $0.1165 resistance.

Dogecoin appears to be regaining its footing following losses in the $0.1020 area versus the U.S. dollar. At present, Dogecoin’s chart indicates potential growth, potentially surpassing the resistance at $0.1165.

    DOGE price started a fresh increase above the $0.1100 resistance level.
    The price is trading above the $0.1120 level and the 100-hourly simple moving average.
    There was a break above a major bearish trend line with resistance at $0.1100 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    The price could gain bullish momentum if it clears the $0.1165 and $0.1180 resistance levels.

Dogecoin Price Starts Recovery

The price of Dogecoin dipped towards the $0.100 support level, reaching a low of $0.1012. However, it has since begun to rise like Bitcoin and Ethereum, with a significant movement surpassing the resistances at $0.1060 and $0.1080.

The cost exceeded the significant resistance of $0.1120, marking a break above a substantial bearish trend line at $0.1100 on the hourly chart for Dogecoin (DOGE) versus US Dollar (USD). It went beyond the 23.6% Fibonacci retracement level of the downward movement from the peak at $0.1320 to the bottom at $0.1012.

Currently, Dogecoin’s trading price surpasses $0.1120 and lies above its 100-hour moving average. The next potential resistance point is at $0.1165, which is close to the halfway mark (50%) of the pullback from the peak of $0.1320 to the low of $0.1012.

As a researcher, I’m observing that the upcoming significant resistance is around the $0.1180 mark. Breaking through this resistance at $0.1180 could potentially propel the price towards another potential resistance at $0.1240. If we manage to surpass this resistance, further gains might take us towards the $0.1265 level. The bulls’ next major target could be around $0.1320.

Another Decline In DOGE?

Should the value of DOGE not manage to surpass the $0.1165 mark, it might trigger a new drop. A potential initial floor for this descent could be around the $0.1120 price point. The subsequent significant support is expected at the $0.1100 level.

The key level of resistance lies at approximately $0.1080. If this level is breached on the downside, the price could potentially drop. This dip might take the price to around $0.1020 or even as low as $0.0980 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 – $0.1120 and $0.1080.

Major Resistance Levels – $0.1165 and $0.1240.

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2024-10-07 08:10