Dogecoin Holds Strong Support: DOGE Primed for a Major Move Higher!

As a seasoned crypto investor with a keen interest in Dogecoin (DOGE), I’ve been closely monitoring its price action against the US Dollar (USD) on Kraken. Based on recent developments, I believe that DOGE is showing signs of strength and is moving higher above the $0.160 resistance zone.

As a researcher studying the cryptocurrency market, I’ve observed that Dogecoin has been making progress above the $0.160 resistance level against the US Dollar. The coin is currently retaining its gains and could potentially push higher towards the $0.1650 mark in the near future.

    DOGE price is moving higher above the $0.160 resistance zone.
    The price is trading above the $0.160 level and the 100-hourly simple moving average.
    There is a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    The price must settle above $0.1650 to gain bullish momentum and continue higher.

Dogecoin Price Holds Support

Over the last several meetings, Dogecoin’s price trended upward past the $0.15 mark, mirroring Bitcoin and Ethereum‘s growth. Bulls in the Dogecoin market successfully broke through the $0.16 resistance barrier.

As a researcher, I’ve observed that the price peaked at $0.1646 prior to initiating a decline. Subsequently, it dipped below the $0.1620 mark, which had previously functioned as a support. The downward trend continued even though the price plunged beneath the 23.6% Fibonacci retracement level, marking a significant point of reversal in the upward trend that had taken us from $0.1571 to $0.1646.

The price of Dogecoin has climbed above the $0.160 mark and lies above its 100-hour moving average. Moreover, a significant bullish trendline is taking shape on the hourly Dogecoin-to-USD chart, offering support around $0.160.

Dogecoin Holds Strong Support: DOGE Primed for a Major Move Higher!

The price is currently encountering resistance around $0.1640. Further up, at $0.1650, lies the next significant resistance level. Breaking above this barrier could push the price towards $0.1720, and any additional gains might take it as far as $0.1750. The bulls’ next major target is $0.1800.

Downside Correction In DOGE?

If DOGE‘s price doesn’t pick up speed above the $0.1650 mark, there’s a risk it could slide downwards once more. The initial floor for this potential drop lies around $0.160 and the trendline, which is almost at the 50% Fibonacci retracement point of the price surge from $0.1571 to $0.1646.

As an analyst, I would interpret the current market situation as follows: The next significant level of support for the price lies around $0.1580. If this support fails to hold and we witness a downside break below it, there’s a possibility that the price could slide further. In such a scenario, the price might test the resistance at $0.1520.

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 above the 50 level.

Major Support Levels – $0.1620, $0.1600 and $0.1580.

Major Resistance Levels – $0.1640, $0.1650, and $0.1720.

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2024-06-06 07:52