Dogecoin (DOGE) Pauses After Gains, Setting Up for a Possible Sharp Move
Analysis
Price Impact
HighDogecoin is currently in a consolidation phase after recent gains, testing critical support and resistance levels. a break in either direction is likely to result in a sharp price movement.
Trustworthiness
HighThe source explicitly states a strict editorial policy, focus on accuracy and impartiality, and creation/review by industry experts, indicating a high standard of reporting.
Price Direction
NeutralThe price is consolidating with a bullish trend line forming support at $0.1495. however, the hourly macd is losing momentum and rsi is below 50, indicating potential short-term weakness. a clear break above $0.1550 or below $0.1490 will determine the next significant direction.
Time Effect
ShortThe analysis focuses on hourly chart data, immediate support/resistance levels, and 'near term' price movements, suggesting a short-term impact.
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Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Dogecoin started a steady increase above $0.1550 against the US Dollar. DOGE is now consolidating and might decline sharply if it trades below $0.1490. DOGE price started a fresh increase above $0.1480 and $0.150. The price is trading below the $0.1520 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0.1495 on the hourly chart of the DOGE/USD pair (data source from Kraken). The price could aim for a fresh increase if it remains stable above $0.1490. Dogecoin Price Consolidates Gains Dogecoin price started a fresh increase after it settled above $0.1450, like Bitcoin and Ethereum . DOGE climbed above the $0.150 resistance to enter a positive zone. The bulls were able to push the price above $0.1525. A high was formed at $0.1565 and the price is now correcting some gains. There was a move below the 23.6% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high. Dogecoin price is now trading below the $0.1520 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1495 on the hourly chart of the DOGE/USD pair. Source: DOGEUSD on TradingView.com If there is another increase, immediate resistance on the upside is near the $0.1550 level and a connecting bearish trend line on the same chart. The first major resistance for the bulls could be near the $0.1565 level. The next major resistance is near the $0.160 level. A close above the $0.160 resistance might send the price toward $0.1680. Any more gains might send the price toward $0.1720. The next major stop for the bulls might be $0.1780. Downside Break In DOGE? If DOGE’s price fails to climb above the $0.1550 level, it could start a downside correction. Initial support on the downside is near the $0.1490 level and the trend line. The next major support is near the $0.1450 level and the 50% Fib retracement level of the upward move from the $0.1330 swing low to the $0.1565 high. The main support sits at $0.1420. If there is a downside break below the $0.1420 support, the price could decline further. In the stated case, the price might slide toward the $0.1330 level or even $0.130 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1490 and $0.1420. Major Resistance Levels – $0.1550 and $0.1565.