Dogecoin’s Potential: Can DOGE Price Kick Off a New Climb?
01 Julio 2024 - 11:58PM
NEWSBTC
Dogecoin is stuck below the $0.1285 resistance zone against the US
Dollar. DOGE is consolidating and might eye a fresh increase toward
$0.1285 or even $0.1320. DOGE price is struggling to clear the
$0.1285 resistance zone. The price is trading near the $0.1240
level and the 100-hourly simple moving average. There is a
short-term bullish flag pattern forming with resistance at $0.1250
on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price must settle above $0.1250 and $0.1285 to gain bullish
momentum. Dogecoin Price Faces Hurdles After a decent recovery
wave, Dogecoin price remained below the $0.1285 resistance zone.
DOGE formed a high near $0.1272 and recently started a downside
correction like Bitcoin and Ethereum. There was a move below the
$0.1250 support level. The price dipped below the 50% Fib
retracement level of the upward move from the $0.1203 swing low to
the $0.1272 high. However, the bulls are now active near the
$0.1220 zone. Dogecoin is now trading near the $0.1250 level and
the 100-hourly simple moving average. It is also above the 61.8%
Fib retracement level of the upward move from the $0.1203 swing low
to the $0.1272 high. If there is a fresh increase, the price might
face resistance near the $0.1250 level. There is also a short-term
bullish flag pattern forming with resistance at $0.1250 on the
hourly chart of the DOGE/USD pair. The next major resistance is
near the $0.1285 level. A close above the $0.1285 resistance might
send the price toward the $0.1320 resistance. Any more gains might
send the price toward the $0.1350 level. The next major stop for
the bulls might be $0.150. More Downsides In DOGE? If DOGE’s price
fails to gain pace above the $0.1250 level, it could continue to
move down. Initial support on the downside is near the $0.1230
level. The next major support is near the $0.1220 level. If there
is a downside break below the $0.1220 support, the price could
decline further. In the stated case, the price might decline toward
the $0.1185 level. Technical Indicators Hourly MACD – The MACD for
DOGE/USD is now losing momentum in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for DOGE/USD is now below the
50 level. Major Support Levels – $0.1230, $0.1220 and $0.1185.
Major Resistance Levels – $0.1250, $0.1285, and $0.1320.
Dogecoin (COIN:DOGEUSD)
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Dogecoin (COIN:DOGEUSD)
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