Dogecoin recently attempted to break above the $0.1120 mark against the US Dollar but faced resistance, leading to a correction in its gains. However, DOGE bulls remain active around the $0.1080 level and are poised to push the price higher once again.
Currently, DOGE price is looking to break out above the $0.1120 level and is trading above $0.1080 along with the 100-hourly simple moving average. A notable development was the break below a crucial bullish trend line with support at $0.1090 on the hourly chart of the DOGE/USD pair sourced from Kraken.
If DOGE manages to clear the resistances at $0.1100 and $0.1120, it could potentially start another upward movement.
Dogecoin Price Eyes Upside Break
Dogecoin’s price saw an extension of its gains above the $0.1100 resistance zone, reaching above $0.1110 before facing selling pressure. The subsequent downside correction was in line with the movements seen in Bitcoin and Ethereum.
The price dipped below $0.1100 and $0.1095 levels, breaking the 23.6% Fib retracement level of the upward move from $0.1037 to $0.1111. Additionally, the breach of the bullish trend line support at $0.1090 on the hourly chart indicated a shift in momentum.
Bulls stepped in near $0.1075 to defend the 50% Fib retracement level, helping DOGE maintain its position above $0.1080 and the 100-hourly simple moving average.
The immediate resistance for DOGE lies near $0.1095, with a major obstacle at $0.1120. Surpassing this level could propel the price towards $0.1132, $0.1150, and potentially even $0.1200.
More Losses In DOGE?
If DOGE fails to break above $0.1095, a downside movement could ensue, with initial support at $0.1080 and a significant support level near $0.1065. The main support stands at $0.1050, and a breach could result in further decline towards $0.1000 or even $0.0950.
Technical indicators show the hourly MACD losing momentum in the bullish zone while the hourly RSI is below the 50 level.
Major support levels for DOGE are at $0.1065 and $0.1050, with major resistances at $0.1095 and $0.1120.
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In conclusion, while Dogecoin faced resistance near $0.1120, the support around $0.1080 and the 100-hourly moving average signal a potential upside break. The upcoming price action will determine whether DOGE can surpass key resistance levels and continue its upward trajectory. Stay tuned for more updates and keep an eye on the technical indicators to gauge the market sentiment accurately.
