Dogecoin (DOGE) Rebound Hits Resistance, Raising Fresh Rejection Risks
Analysis
Price Impact
MedDogecoin is currently consolidating gains after a recent rebound, hitting resistance at $0.1352. the price is at a critical juncture, facing risks of rejection if it fails to sustain above key support levels, but also potential for further increases if it breaks resistance.
Trustworthiness
HighThe source explicitly states a strict editorial policy focused on accuracy, relevance, and impartiality, created by industry experts and meticulously reviewed, adhering to the highest standards in reporting and publishing.
Price Direction
NeutralDoge is trading in a neutral zone, consolidating. while it started a fresh increase above $0.130, it has since corrected some gains and is now below the $0.130 level. a move above $0.1350 could lead to further gains towards $0.1380-$0.1550. conversely, failure to climb above $0.1350 could trigger a downside correction towards $0.1275 or even $0.120.
Time Effect
ShortThe analysis is based on hourly charts and references 'near term' price movements, focusing on immediate support and resistance levels for the coming hours to days.
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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 $0.130 against the US Dollar. DOGE is now consolidating and might decline if it trades below $0.1275. DOGE price started a fresh increase above $0.1280 and $0.130. The price is trading above the $0.130 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0.1315 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 $0.1280. Dogecoin Price Consolidates Gains Dogecoin price started a fresh increase after it settled above $0.1280, like Bitcoin and Ethereum . DOGE climbed above the $0.130 resistance to enter a positive zone. The bulls were able to push the price above $0.1320. A high was formed at $0.1352 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 $0.1198 swing low to the $0.1352 high. Dogecoin price is now trading below the $0.130 level and the 100-hourly simple moving average. Besides, there is a bullish trend line forming with support at $0.1315 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 $0.1350 level. The first major resistance for the bulls could be near the $0.1380 level. The next major resistance is near the $0.1420 level. A close above the $0.1420 resistance might send the price toward $0.1460. Any more gains might send the price toward $0.150. The next major stop for the bulls might be $0.1550. Downside Break In DOGE? If DOGE’s price fails to climb above the $0.1350 level, it could start a downside correction. Initial support on the downside is near the $0.1310 level and the trend line. The next major support is near the $0.1275 level and the 50% Fib retracement level of the upward move from the $0.1198 swing low to the $0.1352 high. The main support sits at $0.1235. If there is a downside break below the $0.1235 support, the price could decline further. In the stated case, the price might slide toward the $0.1220 level or even $0.120 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 – $0.1310 and $0.1275. Major Resistance Levels – $0.1350 and $0.1380.