Dogecoin Price Analysis: Key Resistance Level Holds Back DOGE
The price of Dogecoin (DOGE) is facing a threat as it has been unable to break through the $0.1063 resistance level twice. Additionally, the altcoin has fallen above the moving average lines on two occasions. Currently, DOGE is trading at the $0.094 support level, steadily approaching a critical support level.
Dogecoin Indicator Reading
DOGE’s price bars have fallen below the moving average lines on the 4-hour chart, indicating a recent downturn. However, as long as the price bars remain above the descending moving average lines, DOGE is still in an uptrend.
Technical Indicators
The key resistance levels for DOGE are $0.12 and $0.14, while the key support levels are $0.06 and $0.04.
What’s Next for Dogecoin?
On the 4-hour chart, DOGE is currently trading between $0.090 and $0.1050. The recent high at $0.1063 has acted as a historical price level from April 3rd and has halted further positive momentum for now. However, DOGE has managed to pull back above the 21-day simple moving average and resume its uptrend.
Hot Take: Dogecoin Struggles to Break Through Resistance Level
The price of Dogecoin (DOGE) has faced difficulty breaking through the $0.1063 resistance level, resulting in a recent downturn in its price bars. Despite this setback, DOGE remains in an uptrend as long as it stays above the descending moving average lines. Traders should keep an eye on the key resistance levels of $0.12 and $0.14, as well as the support levels of $0.06 and $0.04. The next direction for DOGE will depend on whether it can break through its current trading range and sustain positive momentum.
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