As a seasoned analyst with years of experience in the cryptocurrency market, I have seen my fair share of bull and bear runs. Currently, Dogecoin (DOGE) is showing signs of consolidation above the crucial support zone at $0.1320 against the US Dollar.
Dogecoin‘s value is holding firm over the $0.1320 support level when compared to the US dollar. For Dogecoin to initiate a new upward trend, it needs to surpass the resistance at $0.1425.
- DOGE price started a downside correction from the $0.1500 resistance level.
- The price is trading below the $0.1420 level and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $0.1425 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1425 and $0.1450 resistance levels.
Dogecoin Price Eyes Upside Break
The price of Dogecoin, following a peak at approximately $0.1500, began to decline, dipping below both $0.1450 and $0.1420 levels. It reached a low of around $0.1330, but now it seems to be regaining some of its losses similar to Bitcoin and Ethereum.
Additionally, there was a breakthrough over the $0.1350 and $0.1380 resistance points. The value exceeded the halfway point of the decline from the peak at $0.1482 to the low at $0.1330. Yet, it appears that the sellers are becoming more active around the $0.1425 resistance area.
On the hourly chart for DOGE/USD, a bearish trend line is emerging with resistance at approximately $0.1425. This trend line is near the 61.8% Fibonacci retracement level of the price drop from the peak of $0.1482 to the low of $0.1330.
Currently, Dogecoin’s price is lower than the $0.1420 mark and also below its 100-hour moving average. A potential hurdle for any upward movement can be found around the $0.1425 level. Beyond that, a more significant resistance lies at approximately $0.1450 level.
As a crypto investor, if we manage to break above the current resistance at $0.1450, it could push the price towards the next resistance at $0.1500. If the momentum continues, it might even drive the price up to the $0.1550 level. The bulls’ next significant target could be at $0.1585.
Another Decline In DOGE?
Should the value of DOGE not manage to surpass the $0.1425 mark, there’s a possibility it may initiate another drop. A potential floor in this scenario might be around $0.1365. If the downward trend continues, significant support could be found at $0.1350.
The significant backing for the price lies at approximately $0.1320. If this support is breached and broken downward, it could lead to a potential drop in value. In such a scenario, the price may trend lower towards around $0.1250 or even potentially dip as low as $0.1220 over the short term.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now near the 50 level.
Major Support Levels – $0.1365 and $0.1320.
Major Resistance Levels – $0.1425 and $0.1450.
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2024-10-25 08:28