Dogecoin Price Holds Support and Gains Bullish Momentum
If you are a Dogecoin investor, you must be pleased with the recent price action. The DOGE price has been moving higher above the $0.160 resistance zone, indicating bullish momentum. Let’s take a closer look at the price movements of Dogecoin in recent sessions:
- Dogecoin price has seen a steady increase above the $0.1500 zone, following the trend of Bitcoin and Ethereum.
- Bulls successfully pushed the price above the key $0.160 resistance zone, signaling a positive trend.
- The price is currently trading above the $0.160 level and the 100-hourly simple moving average.
- A key bullish trend line is forming with support near $0.160 on the hourly chart of the DOGE/USD pair (source: Kraken).
- To sustain this bullish momentum, the price must settle above $0.1650 in the near term.
Exploring Potential Downside Correction for DOGE
While Dogecoin price is currently on an upward trajectory, it’s essential to consider potential downside correction scenarios. Here are some key points to watch out for:
- If the price fails to gain momentum above the $0.1650 level, a downward correction could be imminent.
- Initial support is expected near the $0.160 level and the trend line, with a crucial support level at $0.1580.
- A downside break below $0.1580 could trigger further declines, with a potential target of $0.1520.
- Technical indicators suggest that the MACD for DOGE/USD is losing momentum in the bullish zone, while the RSI is currently above the 50 level.
Keep an eye on the following support and resistance levels for Dogecoin:
- Major Support Levels: $0.1620, $0.1600, and $0.1580.
- Major Resistance Levels: $0.1640, $0.1650, and $0.1720.
Hot Take: What’s Next for DOGE Investors?
As a Dogecoin investor, you should closely monitor the price action in the coming days to determine the future trajectory of your investments. With bullish momentum currently in play, there is a potential for further upside, provided the price remains above key support levels.
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