Dogecoin’s Potential: Can DOGE Price Kick Off a New Climb?

As an experienced financial analyst, I’ve closely watched Dogecoin’s price action over the past few days, and based on the current trend, it appears that DOGE is facing some significant resistance around the $0.1285 level. The price has been consolidating near the $0.1240 mark and the 100-hourly simple moving average.

Dogecoin has hit a roadblock near the $0.1285 resistance mark when pitted against the US Dollar. The cryptocurrency is currently holding steady and could potentially surge forward to retest this level or even challenge $0.1320.

    DOGE price is struggling to clear the $0.1285 resistance zone.
    The price is trading near the $0.1240 level and the 100-hourly simple moving average.
    There is a short-term bullish flag pattern forming with resistance at $0.1250 on the hourly chart of the DOGE/USD pair (data source from Kraken).
    The price must settle above $0.1250 and $0.1285 to gain bullish momentum.

Dogecoin Price Faces Hurdles

Following a strong rebound, the price of Dogecoin hovered just under the $0.1285 mark, which served as a significant resistance level. The cryptocurrency reached a peak of around $0.1272 in its latest advancement, but it has since begun to slide downward, much like Bitcoin and Ethereum have done so as well.

I’ve noticed a price drop below the $0.1250 support mark, dipping even below the 50% Fibonacci retracement level of our recent upward trend from the $0.1203 swing low to the $0.1272 high. However, bulls are now making a comeback near the $0.1220 area.

As a researcher studying the cryptocurrency market, I’ve noticed that Dogecoin’s current trading price hovers around $0.1250 and aligns with the 100-hour moving average. Furthermore, it surpasses the 61.8% Fibonacci retracement level of the upward price movement ranging from the swing low at $0.1203 to the high at $0.1272.

As a crypto investor, if I notice a new price surge, I would be cautious about potential resistance around the $0.1250 mark. Furthermore, an hourly chart of the DOGE/USD pair reveals a short-term bullish flag pattern with resistance at that very level. Subsequently, the next significant resistance lies around $0.1285.

Dogecoin’s Potential: Can DOGE Price Kick Off a New Climb?

As a crypto investor, if the price manages to break above the $0.1285 resistance in my portfolio, I can expect it to push further towards the $0.1320 resistance. Should the price continue its upward trend beyond this level, the next significant target for bulls could be $0.150.

More Downsides In DOGE?

If the price of DOGE doesn’t pick up and surpass the $0.1250 mark, there’s a possibility it may keep declining. The initial floor for this potential drop lies around $0.1230.

Should the market experience a significant drop in price, the next substantial support lies around the $0.1220 mark. A breach beneath this support could potentially trigger further declines, possibly leading the price down to the $0.1185 region.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.

Major Support Levels – $0.1230, $0.1220 and $0.1185.

Major Resistance Levels – $0.1250, $0.1285, and $0.1320.

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2024-07-02 08:10