Dogecoin (DOGE) Meets Resistance and Hesitates, Market Tone Changes
Analysis
Price Impact
MedDogecoin is at a critical juncture, facing resistance around $0.1450-$0.1510 but holding key support at $0.1420. the market tone shows hesitation, indicating a potential decisive move soon based on these technical levels.
Trustworthiness
HighThe news is from a source with a strict editorial policy, focusing on accuracy, relevance, and impartiality, created by industry experts and meticulously reviewed, adhering to the highest standards in reporting.
Price Direction
NeutralDoge is trading above $0.1420 and the 100-hourly sma, suggesting potential for an increase if it clears $0.1450 and $0.1510. however, the hourly macd is gaining bearish momentum and rsi is below 50, indicating potential downside if $0.1420 and $0.1410 support levels fail, targeting $0.1350.
Time Effect
ShortThe analysis focuses on hourly charts, immediate resistance/support, and 'near term' price movements, indicating a short-term outlook.
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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 corrected some gains and traded below $0.1450 against the US Dollar. DOGE is now holding the $0.1420 support and might aim for a fresh increase. DOGE price started a fresh downside correction from $0.1510. The price is trading above the $0.1420 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0.1420 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 $0.1400. Dogecoin Price Eyes Another Increase Dogecoin price started a downside correction after it failed to clear $0.1520, like Bitcoin and Ethereum . DOGE declined below the $0.150 and $0.1450 levels. There was a move toward the 50% Fib retracement level of the upward move from the $0.1348 swing low to the $0.1512 high. However, the bulls remained active near the $0.1420 support. Besides, there is a bullish trend line forming with support at $0.1420 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.1425 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1450 level. The first major resistance for the bulls could be near the $0.150 level. Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1510 level. A close above the $0.1510 resistance might send the price toward $0.1550. Any more gains might send the price toward $0.1765. The next major stop for the bulls might be $0.1850. More Losses In DOGE? If DOGE’s price fails to climb above the $0.1450 level, it could continue to move down. Initial support on the downside is near the $0.1420 level and the trend line. The next major support is near the $0.1410 level and the 61.8% Fib retracement level of the upward move from the $0.1348 swing low to the $0.1512 high. The main support sits at $0.1350. If there is a downside break below the $0.1350 support, the price could decline further. In the stated case, the price might slide toward the $0.1320 level or even $0.1305 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level. Major Support Levels – $0.1420 and $0.1410. Major Resistance Levels – $0.1500 and $0.1510.