As a seasoned analyst with years of experience in the cryptocurrency market, I have seen numerous trends and price movements that could make even the most seasoned investor question their decisions. The current Dogecoin (DOGE) price action is no exception.
Dogecoin, following a decline, began correcting downwards from the $0.180 area relative to the U.S. dollar. The cryptocurrency touched $0.1420 but is now regaining its lost value.
- DOGE price started a fresh decline from the $0.180 resistance level.
- The price is trading below the $0.1650 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1580 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could start a fresh increase if it clears the $0.1550 and $0.1580 resistance levels.
Dogecoin Price Eyes Fresh Increase
After Dogecoin couldn’t break past its resistance at approximately $0.180, similar to Bitcoin and Ethereum, its price initiated a new drop. The value of Dogecoin has fallen below the support levels at around $0.1720 and $0.1650.
Initially, the cost dipped below $0.1550, but then the bulls emerged, creating a low at $0.1422. Currently, the price is trying to bounce back. Previously, there was a surge past the $0.150 resistance barrier. The price has also moved beyond the 23.6% Fibonacci retracement level of the downward trend from the high of $0.1790 to the low of $0.1422.
Currently, Dogecoin’s price is lower than the $0.1550 mark and the 100-hour moving average. A potential obstacle for any upward movement is found at the $0.1550 level. If it continues to rise, the next significant barrier will be at around $0.1580. Additionally, a noticeable bearish trendline is emerging, with resistance at $0.1580 on the hourly Dogecoin-to-USD chart.
As a crypto investor, if we manage to break above the $0.1580 resistance, it could propel the price towards the next potential resistance at $0.1600. Further growth might push the price towards either the $0.1650 level or the 61.8% Fibonacci retracement level of the downward slide from the $0.1790 peak to the $0.1422 trough, with $0.1720 being the next significant target for the bulls.
Another Decline In DOGE?
If the value of DOGE doesn’t manage to surpass the $0.1550 mark, it might trigger another drop. A potential floor for this decline could form around $0.1480. The significant support below that lies at approximately $0.1420 level.
If the key level at $0.1400 fails to hold and breaks down, we may witness a drop in the price. This potential fall could take the price towards the $0.1320 mark or potentially as low as $0.1300 over the short term, should the downtrend continue.
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 above the 50 level.
Major Support Levels – $0.1480 and $0.1420.
Major Resistance Levels – $0.1550 and $0.1580.
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2024-11-04 12:42