As a seasoned analyst with years of experience in the cryptocurrency market, I have witnessed the rise and fall of numerous digital assets. Today, I find myself analyzing Dogecoin (DOGE), which has shown some promising signs of recovery in recent sessions.
Dogecoin recently surged past its resistance of $0.0950 versus the U.S. dollar, indicating a potential upward trend. If the bullish momentum continues, Dogecoin could potentially reach beyond $0.1080.
- DOGE price is gaining pace above the $0.100 pivot zone.
The price is trading above the $0.100 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $0.1000 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to move up if it clears the $0.1100 resistance zone.
Dogecoin Price Gains Over 10%
Over the recent meetings, Dogecoin’s value noticeably climbed over $0.090, similar to both Bitcoin and Ethereum. It managed to surpass the obstacles at $0.0945 and $0.0950, which were previously acting as resistance levels.
In simpler terms, the price of Dogecoin (DOGE) climbed up and surpassed the 50% Fibonacci retracement level in its downward move from the high of $0.1145 to the low of $0.0804. Additionally, it broke through a significant bearish trendline, which previously offered resistance at $0.1000 on the hourly chart comparing Dogecoin against the US Dollar (DOGE/USD).
Currently, Dogecoin’s price is surpassing $0.100 and its 100-hour moving average, but it appears that bears are becoming more active around the 76.4% Fibonacci retracement level of the downward trend from the peak at $0.1145 to the trough at $0.0804.
In simpler terms, if the price increases now, it’s likely to face some strong opposition around $0.1080. After that, another significant resistance is at $0.1100. If we manage to overcome this $0.1100 barrier, the price could potentially reach as high as $0.1145. Further increases might take us up to $0.1220. The ambitious bulls would be aiming for $0.1250 next.
Another Decline In DOGE?
If Dogecoin’s price doesn’t manage to surge beyond the $0.1100 mark, there’s a possibility it could dip again. The first line of defense on the lower end is around $0.100. Below that, significant support can be found near $0.0980 and the 100-hour moving average.
If the key level at $0.0950 gives way on a drop, the value may continue to fall, potentially reaching around $0.0900 or even dipping as low as $0.0880 in the short term, if this support breaks.
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 – $0.1000 and $0.0950.
Major Resistance Levels – $0.1100 and $0.1145.
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2024-08-09 08:10