Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead
May 17 2024 - 12:28AM
NEWSBTC
Dogecoin corrected gains and tested the $0.150 zone against the US
Dollar. DOGE is now forming a base and might start a fresh increase
above $0.1520. DOGE price jumped toward $0.160 before correcting
gains. The price is trading above the $0.150 level and the
100-hourly simple moving average. There is a key bullish trend line
forming with support at $0.1485 on the hourly chart of the DOGE/USD
pair (data source from Kraken). The price must settle above $0.1540
to move into a positive zone and start a fresh surge. Dogecoin
Price Holds Support After a steady increase, Dogecoin price faced
resistance near the $0.160 zone. A high was formed at $0.1594
before DOGE started a downside correction like Bitcoin and
Ethereum. There was a drop below the $0.1540 support zone. A low
was formed at $0.1488 and DOGE is now consolidating for the next
move. Dogecoin is still trading above the $0.150 level and the
100-hourly simple moving average. There is also a key bullish trend
line forming with support at $0.1485 on the hourly chart of the
DOGE/USD pair. On the upside, the price is facing resistance near
the $0.1515 level. It is near the 23.6% Fib retracement level of
the downward move from the $0.1594 swing high to the $0.1488 low.
The next major resistance is near the $0.1540 level or the 50% Fib
retracement level of the downward move from the $0.1594 swing high
to the $0.1488 low. A close above the $0.1540 resistance might send
the price toward the $0.160 resistance. Any more gains might send
the price toward the $0.1650 level. The next major stop for the
bulls might be $0.1720. More Losses In DOGE? If DOGE’s price fails
to gain pace above the $0.1540 level, it could start another
decline. Initial support on the downside is near the $0.150 level
and the trend line. The next major support is near the $0.1445
level. If there is a downside break below the $0.1445 support, the
price could decline further. In the stated case, the price might
decline toward the $0.1350 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 – $0.1500, $0.1445 and
$0.1350. Major Resistance Levels – $0.1515, $0.1540, and $0.1600.
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