Dogecoin (DOGE) Dips Below Key Support, But Bulls Remain Persistent
Dogecoin (DOGE) Dips Below Key Support, But Bulls Remain Persistent
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Dogecoin (DOGE) faced a setback after failing to break through the $0.1120 resistance level, resulting in a pullback against the US Dollar. However, DOGE bulls are showing resilience near the $0.1080 mark and could potentially propel the price higher again. The cryptocurrency is currently trading above the $0.1080 level and the 100-hourly simple moving average, indicating strong support.
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A key bullish trend line with support at $0.1090 was breached on the hourly chart of the DOGE/USD pair (data source from Kraken), suggesting a potential shift in momentum. However, the bulls have displayed a strong presence near the $0.1075 mark, defending the 50% Fibonacci retracement level of the upward move from the $0.1037 swing low to the $0.1111 high.
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Dogecoin Price Eyes Upside Break
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Dogecoin’s price extended its gains above the $0.1100 resistance zone, even reaching a peak above $0.1110, before encountering selling pressure. Similar to Bitcoin and Ethereum, DOGE initiated a downward correction from the $0.1111 high. The price moved below the $0.1100 and $0.1095 levels, dipping below the 23.6% Fibonacci retracement level of the upward move from the $0.1037 swing low to the $0.1111 high.
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Despite the recent pullback, the bulls remain active, with the price currently trading above the $0.1080 level and the 100-hourly simple moving average. The immediate resistance on the upside is near the $0.1095 level, followed by the next major resistance at the $0.1120 level. A close above the $0.1120 resistance could propel the price toward the $0.1132 resistance, potentially reaching the $0.1150 level in the event of further gains. The next major target for the bulls could be $0.1200.
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Potential for Further Losses in DOGE?
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If DOGE fails to climb above the $0.1095 level, it could initiate another decline. Initial support on the downside is near the $0.1080 level. The next major support level is situated near the $0.1065 level, with the main support level residing at $0.1050.
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A downside break below the $0.1050 support could trigger a further decline in price, potentially reaching the $0.1000 level or even $0.0950 in the near term.
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Technical Indicators
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Hourly MACD: The MACD for DOGE/USD is currently losing momentum within the bullish zone.
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Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is currently below the 50 level.
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Major Support Levels:
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- $0.1065
- $0.1050
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Major Resistance Levels:
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- $0.1095
- $0.1120
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