Dogecoin Price Shows Positive Signs
The price of Dogecoin (DOGE) has been displaying positive signs, trading above the $0.0875 zone against the US dollar. It has also surpassed the $0.0880 level and the 100 simple moving average (4 hours).
Break Above Key Resistance
On the 4-hour chart of the DOGE/USD pair, there was a significant break above a key contracting triangle with resistance at $0.0842. This breakout has helped DOGE enter a positive zone, similar to Bitcoin and Ethereum. The price reached a high point near $0.0914 before starting a correction.
However, DOGE is still trading above the $0.0875 level and the 100 simple moving average (4 hours).
Resistance Levels to Watch
The price of DOGE is currently facing resistance near the $0.0892 level, with the next major resistance at $0.0915. If it breaks above this level, it may continue its rally towards the $0.095 and $0.10 levels.
Possible Downside Correction
If DOGE fails to gain momentum above the $0.0915 level, it could experience a downside correction. The initial support on the downside is around $0.0865, followed by a major support level at $0.0855.
If there is a break below the $0.0855 support, it might lead to further decline towards the $0.0820 level.
Technical Indicators
The MACD for DOGE/USD on the 4-hour chart indicates that bullish momentum is losing strength. The RSI (Relative Strength Index) is currently above the 50 level.
Hot Take: Dogecoin Price Holds Positive Momentum
Despite a slight correction, the price of Dogecoin (DOGE) continues to show positive signs. With key resistance levels being surpassed and trading above important moving averages, DOGE has the potential to extend its rally. However, if it fails to break above the next resistance level, a downside correction may occur. Traders should closely monitor these levels to make informed decisions.
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