Cryptocurrency price analysis: Dogecoin (DOGE) falls and reaches bearish limit
Dogecoin (DOGE) experienced a significant drop, falling to as low as $0.050 before recovering above the $0.060 support level. The cryptocurrency has since reached a high of $0.064. Bulls bought the dips after the losses, resulting in an upward movement.
Main breakdown of key points:
- The bullish momentum may face resistance at $0.070 or the moving average lines.
- If the last high is rejected, DOGE will continue moving below the resistance level, trading between $0.060 and $0.070.
- DOGE has reached the oversold area of the Relative Strength Index at the 27 level for the 14 period.
- The altcoin is currently correcting upwards above the 50 level of the daily stochastic.
- Despite the upward correction, DOGE is still in the downtrend zone.
Technical Indicators:
Key resistance levels for DOGE are $0.12 and $0.14, while key support levels are $0.06 and $0.04.
What is the next direction for Dogecoin?
Although DOGE has reached bearish exhaustion, the price is currently being rejected at the high of $0.065. If buyers fail to break this resistance, selling pressure will resume. Doji candlesticks are shaping the market. On August 13, 2023, cryptocurrency analytics specialists stated that if the current resistance is broken, DOGE has the potential to rise even further than its previous high of $0.085.
Hot Take: While Dogecoin experienced a significant drop, there are signs of bullish recovery. The resistance level at $0.070 will be a key indicator of whether DOGE can continue its upward movement. Keep an eye on the market as DOGE attempts to retake its recent high and potentially surpass it.
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