As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Dogecoin (DOGE) go through its fair share of price swings. The recent correction to the $0.150 zone against the US Dollar was no exception. After a promising surge toward $0.160, DOGE faced resistance and started correcting gains.
Dogecoin corrected gains and tested the $0.150 zone against the US Dollar. DOGE is now forming a base and might start a fresh increase above $0.1520.
- DOGE price jumped toward $0.160 before correcting gains.
The price is trading above the $0.150 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.1485 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1540 to move into a positive zone and start a fresh surge.
Dogecoin Price Holds Support
I’ve noticed that Dogecoin’s price has been consistently climbing, but it encountered resistance around the $0.160 mark. A peak was reached at $0.1594 prior to Dogecoin undergoing a decline similar to Bitcoin and Ethereum. Subsequently, the price dipped below the support of $0.1540.
As an analyst, I’ve identified that Dogecoin (DOGE) formed a low at $0.1488 and has since entered a consolidation phase. Currently, the cryptocurrency is holding above the $0.150 mark and the 100-hourly simple moving average. Moreover, a significant bullish trend line is emerging on the hourly chart of DOGE/USD pair, offering support at $0.1485.
As a crypto investor, I can tell you that the price is currently encountering resistance around the $0.1515 mark. This level aligns with the 23.6% Fibonacci retracement point of the previous price drop from the peak at $0.1594 to the low at $0.1488.
The next major resistance is near the $0.1540 level or the 50% Fib retracement level of the downward move from the $0.1594 swing high to the $0.1488 low. A close above the $0.1540 resistance might send the price toward the $0.160 resistance. Any more gains might send the price toward the $0.1650 level. The next major stop for the bulls might be $0.1720.
More Losses In DOGE?
As a market analyst, I would interpret that if Dogecoin’s (DOGE) price cannot advance beyond the $0.1540 mark, there’s a high likelihood of another price drop. The initial support for DOGE lies at approximately $0.150 and includes the trendline.
Should the price fail to hold above the $0.1445 mark in the upcoming development, there’s a strong possibility it could slide downward. Potentially, this downturn may push the price towards the $0.1350 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 above the 50 level.
Major Support Levels – $0.1500, $0.1445 and $0.1350.
Major Resistance Levels – $0.1515, $0.1540, and $0.1600.
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2024-05-17 07:34