Dogecoin Faces Hurdles Near Key Level
Recently, Dogecoin price has encountered obstacles around the $0.1100 mark. Despite this, the price is currently hovering close to the $0.1040 level along with the 100-hourly simple moving average. Additionally, there seems to be a significant bullish trend line taking shape with support around $0.1032 on the hourly chart of the DOGE/USD pair.
Dogecoin Price Holds Key Support
Over the last few trading sessions, Dogecoin’s price has witnessed a notable uptrend above $0.100, similar to the movements of Bitcoin and Ethereum. Notably, the price successfully surpassed resistance levels at $0.1032 and $0.1050, with bulls even managing to push it past $0.1080 and the 100-hourly simple moving average. The highest point recorded was $0.1090 before a corrective pullback occurred, causing the price to dip below $0.1060.
- A high was formed at $0.1090 and a price correction started.
- The price dipped below the $0.1060 support level.
- There was a break below the 50% Fib retracement level of the recent upward move.
Currently, Dogecoin is positioned near $0.1040, closely aligned with the 100-hourly simple moving average. Moreover, a crucial bullish trend line is building support around $0.1032 on the hourly price chart for the DOGE/USD pair.
The bullish trend line is situated near the 61.8% Fib retracement level of the earlier upward swing from $0.100 to $0.1090. The immediate resistance on the upside is at $0.1065, with a more significant barrier at $0.1080. A successful breach above the $0.1080 level could propel the price towards the $0.1100 resistance. Further uptrends may lead the price to test the $0.1120 level, followed by a potential stop around $0.1150 for bullish momentum.
Are More Downward Movements Expected for DOGE?
If the price of DOGE fails to reclaim ground above $0.1065, there is a likelihood of further downward movement. Initial support is seen near $0.1032, with a critical support level at $0.1020. The major support level remains at $0.1000. A breach below the $0.1000 support could trigger a more extensive decline, potentially targeting the $0.0900 level or even $0.0880 in the short term.
Technical Indicators
- Hourly MACD – The MACD for DOGE/USD is displaying signs of losing bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD has dipped below the 50 level.
- Major Support Levels – $0.1032 and $0.1000.
- Major Resistance Levels – $0.1065 and $0.1100.
Hot Take: Stay Informed and Alert 🚀
As an avid follower of Dogecoin price movements, it is essential to remain informed and vigilant about the evolving trends in the market. By closely monitoring the key support and resistance levels, along with the prevailing technical indicators, you can make well-informed decisions regarding your DOGE holdings. Stay alert and proactive amidst the market fluctuations to navigate the crypto space successfully.
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