Dogecoin Price (DOGE) Bounces to $0.125: Will This Rally Sustain?
16 Julio 2024 - 12:28AM
NEWSBTC
Dogecoin started a steady increase above the $0.120 resistance zone
against the US Dollar. DOGE is consolidating and might extend its
gains above $0.1265. DOGE price is eyeing more gains above the
$0.1265 resistance zone. The price is trading above the $0.120
level and the 100-hourly simple moving average. There is a key
bullish trend line forming with support at $0.1195 on the hourly
chart of the DOGE/USD pair (data source from Kraken). The price
could continue to move up if it clears the $0.1265 resistance zone.
Dogecoin Price Eyes More Gains After forming a base above the
$0.1050 level, Dogecoin price started a decent increase. DOGE
cleared the $0.1150 resistance to move into a positive zone like
Bitcoin and Ethereum. The price even climbed above the $0.120 level
and the 100-hourly simple moving average. A high was formed at
$0.1264 and the price is now consolidating gains above the 23.6%
Fib retracement level of the upward move from the $0.1167 swing low
to the $0.1264 high. Dogecoin is now trading above the $0.1220
level and the 100-hourly simple moving average. There is also a key
bullish trend line forming with support at $0.1195 on the hourly
chart of the DOGE/USD pair. If there is a fresh increase, the price
might face resistance near the $0.1265 level. The next major
resistance is near the $0.1320 level. A close above the $0.1320
resistance might send the price toward the $0.1450 resistance. Any
more gains might send the price toward the $0.150 level. The next
major stop for the bulls might be $0.1620. Another Decline In DOGE?
If DOGE’s price fails to gain pace above the $0.1265 level, it
could start a downside correction. Initial support on the downside
is near the $0.1240 level. The next major support is near the
$0.1215 level and the 50% Fib retracement level of the upward move
from the $0.1167 swing low to the $0.1264 high. The main support
sits at $0.1195. If there is a downside break below the $0.1195
support, the price could decline further. In the stated case, the
price might decline toward the $0.1140 level. Technical Indicators
Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
DOGE/USD is now above the 50 level. Major Support Levels – $0.1215
and $0.1195. Major Resistance Levels – $0.1265 and $0.1450.
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