As a seasoned researcher with extensive experience in the cryptocurrency market, I have witnessed numerous price fluctuations and trends. The recent surge in Dogecoin (DOGE) above the $0.1050 resistance is an interesting development, given its past performance and market sentiment.
As a crypto investor, I’ve noticed that Dogecoin has surged past the $0.1050 barrier against the U.S. dollar. However, it seems to be pulling back now, and I anticipate potential buy opportunities might arise near the $0.1032 mark.
- DOGE price is facing hurdles near the $0.1100 pivot zone.
The price is trading near the $0.1040 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $0.1032 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could start a fresh increase above the $0.1065 resistance zone.
Dogecoin Price Holds Key Support
Over the last several meetings, the value of Dogecoin has surged significantly past $0.100, similar to both Bitcoin and Ethereum. It successfully breached the resistance barriers at $0.1032 and $0.1050.
In simpler terms, the price of the asset surpassed $0.1080 and crossed above its 100-hour moving average. It peaked at $0.1090, but is now experiencing a downward correction. The price has fallen below $0.1060 and has dropped beneath the halfway point (50%) of the upward trend from the $0.1000 low to the $0.1090 high.
Right now, Dogecoin’s price is hovering around $0.1040 and aligning with its 100-hour moving average. Additionally, an essential upward trend line is developing with a support point at approximately $0.1032 on the hourly Dogecoin-to-USD chart.
In simpler terms, the graph’s line is almost reaching a significant point called the 61.8% Fibonacci retracement level during the rise from the lowest point of $0.1000 to the highest point of $0.1090. The immediate barrier to further growth lies around $0.1065, and the next substantial obstacle is at $0.1080. If we break through $0.1080, the price might rise toward $0.1100, with more gains potentially pushing it up to $0.1120. The bulls’ ultimate goal could be $0.1150.
More Downsides In DOGE?
As a researcher studying the Dogecoin market, if the price of DOGE does not surpass the $0.1065 mark, it might continue to trend lower. Should this occur, initial resistance could be found around the $0.1032 level. A more significant support lies at approximately $0.1020.
As an analyst, I’m observing a significant support level at $0.1000. Should this support fail to hold and the price drops below it, we could see a potential further decline. In such a scenario, the price may trend downwards towards $0.0900 or even dip as low as $0.0880 in 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 below the 50 level.
Major Support Levels – $0.1032 and $0.1000.
Major Resistance Levels – $0.1065 and $0.1100.
Read More
Sorry. No data so far.
2024-08-13 08:46