As a seasoned crypto investor with years of experience in the market, I’ve seen Dogecoin go through its fair share of ups and downs. And currently, I see potential for more gains in DOGE. The recent steady increase above the $0.120 resistance zone is promising, as it indicates a strong bullish sentiment.
Dogecoin has been gradually climbing above the $0.120 barrier against the US Dollar. The cryptocurrency is currently holding steady and could potentially rise further to hit $0.1265.
- DOGE price is eyeing more gains above the $0.1265 resistance zone.
The price is trading above the $0.120 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1195 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it clears the $0.1265 resistance zone.
Dogecoin Price Eyes More Gains
As a researcher studying the Dogecoin market, I’ve observed that after surpassing the $0.1050 mark, DOGE experienced a noticeable uptrend. This coin managed to break past the resistance at $0.1150, aligning itself with the positive trajectory of Bitcoin and Ethereum. The price not only exceeded the $0.120 threshold but also rose above the 100-hour moving average.
At a price of $0.1264, a peak was reached and prices are currently stabilizing. The market has advanced above the 23.6% Fibonacci retracement level, which is derived from the upward trend that started at $0.1167 and peaked at $0.1264.
Dogecoin currently trades above $0.1220 and its 100-hour moving average. A significant bullish trend line is emerging on the hourly chart of DOGE/USD, with support at $0.1195. Should there be a new surge in price, it may encounter resistance around $0.1265.
The price could encounter significant resistance around the $0.1320 mark in its upward trajectory. Clearing this hurdle might push the price further up, targeting the $0.1450 resistance. Further advances could potentially take the price as high as $0.150. The next bullish objective lies at approximately $0.1620.
Another Decline In DOGE?
If the price of DOGE doesn’t advance beyond $0.1265, there is a risk it may initiate a decline. The first line of defense on the downside lies at around $0.1240. The next significant support can be found near $0.1215, which is also the 50% Fibonacci retracement mark of the price rally from $0.1167 to $0.1264.
If the primary backing holds firm at $0.1195, the price should remain stable. However, if this level gives way and the price falls below it, expect further declines. In such a scenario, the price could potentially drop down to $0.1140.
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 – $0.1215 and $0.1195.
Major Resistance Levels – $0.1265 and $0.1450.
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2024-07-16 09:26