Dogecoin (DOGE) Builds Accumulation Structure Ahead Of Possible Breakout
Analysis
Price Impact
MedDogecoin is forming an accumulation structure, suggesting a potential significant price move. while there's a possibility of a breakout above key resistance, a failure to hold support could lead to further declines.
Trustworthiness
HighThe source adheres to a strict editorial policy emphasizing accuracy, relevance, and impartiality, created by industry experts, and meticulously reviewed, ensuring high reporting standards.
Price Direction
NeutralDoge is currently holding $0.10 support. a sustained move above $0.1020 and $0.1070 could trigger a fresh increase towards $0.1120-$0.120. however, a failure to maintain $0.10 support could see prices drop towards $0.0945 or even $0.0875-$0.0865.
Time Effect
ShortAnalysis is based on hourly charts and references 'immediate' and 'near term' price movements, indicating a short-term outlook for potential breakout or decline.
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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 corrected some gains and traded below $0.1050 against the US Dollar. DOGE is now holding the $0.10 support and might aim for a fresh increase. DOGE price started a fresh downside correction below $0.1120. The price is trading below the $0.1050 level and the 100-hourly simple moving average. There is a declining channel forming with resistance at $0.1020 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 $0.10. Dogecoin Price Faces Resistance Dogecoin price started a downside correction after it failed to stay above $0.1150, like Bitcoin and Ethereum . DOGE declined below the $0.1100 and $0.1080 levels. There was a move below the 50% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The price even spiked below $0.10 before the bulls appeared. The price is now forming a base above $0.10 and preparing for the next move. There is also a declining channel forming with resistance at $0.1020 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading below the $0.1050 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1020 level. The first major resistance for the bulls could be near the $0.1070 level. Source: DOGEUSD on TradingView.com The next major resistance is near the $0.1120 level. A close above the $0.1120 resistance might send the price toward $0.1150. Any more gains might send the price toward $0.1180. The next major stop for the bulls might be $0.120. Another Decline In DOGE? If DOGE’s price fails to climb above the $0.1020 level, it could continue to move down. Initial support on the downside is near the $0.10 level. The next major support is near the $0.0945 level or the 76.4% Fib retracement level of the upward move from the $0.0878 swing low to the $0.1175 high. The main support sits at $0.0920. If there is a downside break below the $0.0920 support, the price could decline further. In the stated case, the price might slide toward the $0.0875 level or even $0.0865 in the near term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level. Major Support Levels – $0.1000 and $0.0945. Major Resistance Levels – $0.1020 and $0.1070.