As a seasoned analyst with years of experience in the crypto market, I find myself intrigued by Dogecoin’s current trajectory. The price has managed to breach the $0.1200 resistance zone, a significant milestone that could potentially pave the way for further gains. If Dogecoin manages to clear the $0.1280 and $0.1300 resistance levels, we might be looking at a bull run toward the $0.1350 level or even $0.1400.
Dogecoin is moving beyond the barrier of $0.120 against the U.S. dollar, indicating a potential upward trend. If positive signals continue, Dogecoin could potentially surpass the resistance at $0.1280.
- DOGE price started a fresh increase above the $0.1200 resistance level.
- The price is trading above the $0.1220 level and the 100-hourly simple moving average.
- There was a break above a major declining channel with resistance at $0.1170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price could gain bullish momentum if it clears the $0.1250 and $0.1280 resistance levels.
Dogecoin Price Regains Traction
dogecoin’s price saw an upward surge surpassing the $0.11 barrier, followed by a strong push beyond the $0.12 mark, outperforming both Bitcoin and Ethereum. Additionally, the price broke through the $0.1250 and $0.1265 resistance thresholds.
As the price rose, it surpassed a significant falling trendline at approximately $0.1170 on the hourly Dogecoin-to-US Dollar (DOGE/USD) chart, encountering resistance there. The pair reached a peak of $0.1297, but has since experienced a small pullback.
The price dropped below the $0.1265 mark, falling below the 23.6% Fibonacci retracement line of the upward trend that started at $0.1101 low and peaked at $0.1297 high. Currently, Dogecoin’s price is above the $0.1200 level and the 100-hour moving average.
As a crypto investor, I’m currently eyeing some key resistance levels in my ongoing investment journey. Right now, there’s an immediate barrier at around $0.1280. If we manage to breach this, the next significant hurdle lies at approximately $0.1300. A successful breakout above this level could potentially propel the price towards the resistance at $0.1320. Should the price continue to climb, it might aim for the $0.1350 mark. For the bulls, the next major target could be the $0.1400 level.
Are Dips Supported In DOGE?
If Dogecoin’s price doesn’t manage to exceed $0.1280, it may trigger another drop. The first potential line of defense on the downside is around $0.1235. A more substantial support can be found at approximately $0.1200, which is also halfway through the recent uptrend from $0.1101 to $0.1297.
If the key resistance holds at $0.1175, a drop below this point may lead to a continued decrease in price. Possible targets for this fall could be around $0.1150 or lower still, approximately $0.1120, in the short term.
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 – $0.1235 and $0.1200.
Major Resistance Levels – $0.1280 and $0.1300.
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2024-10-17 08:10