Dogecoin (DOGE) Retraces Gains — Bulls Guard Key Support Zone
Analysis
Price Impact
MedThe article suggests that dogecoin has retraced some gains but is currently holding key support levels. while a short-term dip occurred, the potential for a fresh increase is present if support holds, indicating a moderate impact on current price action and potential short-term movements.
Trustworthiness
HighPrice Direction
BullishThe analysis highlights that doge is holding the $0.0980 support zone and there's a bullish trend line forming. the article explicitly states the price 'might aim for a fresh increase' and 'could aim for a fresh increase if it remains stable above $0.0950', indicating a bullish outlook based on current technicals.
Time Effect
ShortThe analysis focuses on hourly charts, immediate support and resistance levels, and mentions the potential for a 'fresh increase' or 'continue to move down' in the near term, implying a short-term price effect.
Original Article:
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 $0.1010 against the US Dollar. DOGE is now holding the $0.0980 support and might aim for a fresh increase. DOGE price started a fresh downside correction below $0.1020. The price is trading above the $0.0980 level and the 100-hourly simple moving average. There is a bullish trend line forming with support at $0.0968 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 $0.0950. Dogecoin Price Trims Gains Dogecoin price started a downside correction after it failed to stay above $0.1025, like Bitcoin and Ethereum . DOGE declined below the $0.1020 and $0.1010 levels. There was a move below the 50% Fib retracement level of the upward move from the $0.0944 swing low to the $0.1044 high. The price even spiked below $0.10 before the bulls appeared. The price is now forming a base above $0.0980 and preparing for the next move. There is a bullish trend line forming with support at $0.0968 on the hourly chart of the DOGE/USD pair. Dogecoin price is now trading above the $0.10 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1015 level. Source: DOGEUSD on TradingView.com The first major resistance for the bulls could be near the $0.1040 level. The next major resistance is near the $0.1080 level. A close above the $0.1080 resistance might send the price toward $0.1120. Any more gains might send the price toward $0.1150. The next major stop for the bulls might be $0.120. More Losses In DOGE? If DOGE’s price fails to climb above the $0.1015 level, it could continue to move down. Initial support on the downside is near the $0.0980 level. The next major support is near the $0.09680 level or the 76.4% Fib retracement level of the upward move from the $0.0944 swing low to the $0.1044 high. The main support sits at $0.0950. If there is a downside break below the $0.0950 support, the price could decline further. In the stated case, the price might slide toward the $0.0880 level. 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 – $0.0980 and $0.0968. Major Resistance Levels – $0.1015 and $0.1040.