DOGE Price Outlook: Can Dogecoin Continue To Surge?
After establishing a strong base above the $0.1050 mark, Dogecoin’s price has seen a notable uptick. Following a positive trend akin to Bitcoin and Ethereum, DOGE managed to surpass the $0.1150 resistance level. The cryptocurrency further rose above $0.120, gliding past the 100-hourly simple moving average in the process.
With a peak reaching $0.1264, the price is presently consolidating its gains above the 23.6% Fib retracement level from the recent upward swing between $0.1167 and $0.1264. Currently, Dogecoin is trading comfortably above $0.1220 and the 100-hourly simple moving average, with a key bullish trend line forming at $0.1195 on the hourly DOGE/USD chart.
Possible Upside Momentum
If the price manages to surpass the formidable $0.1265 resistance hurdle, an extended push upwards could be on the horizon for Dogecoin. In this scenario, the next significant resistance level lies at approximately $0.1320, with a breach potentially propelling the price towards $0.1450 and even $0.150. Should the bullish momentum persist, $0.1620 could potentially be the next highlighted target for bulls.
Downward Trend Potential
However, if the price fails to breach the $0.1265 resistance band, a downward correction might ensue for DOGE. Initial support can be expected around $0.1240, followed by a crucial support zone near $0.1215. Further downside could be cushioned by the 50% Fib retracement level at $0.1195, with a breach potentially dragging the price towards $0.1140.
In the event of a bearish breakout below $0.1195, the price could witness a more substantial decline in the near term.
Key Indicators To Watch
As per the technical indicators:
- Hourly MACD: The MACD for DOGE/USD is currently bolstering momentum within the bullish territory.
- Hourly RSI: With the RSI for DOGE/USD hovering above the crucial 50 level, bullish sentiment remains intact.
- Major Support Levels: $0.1215 and $0.1195.
- Major Resistance Levels: $0.1265 and $0.1450.
Hot Take: Your Next Moves With Dogecoin
As a crypto enthusiast, monitoring the price action of Dogecoin in the coming days will be crucial in determining potential entry or exit points in the market. Keep a close eye on the key resistance levels at $0.1265 and $0.1320, as well as the major support levels at $0.1215 and $0.1195 to gauge the market sentiment effectively.
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