Dogecoin Price (DOGE) Eyes Impressive Gains: Will It Break Through?
July 29 2024 - 1:28AM
NEWSBTC
Dogecoin started a steady increase from the $0.1280 zone against
the US Dollar. DOGE could gain pace if it clears the $0.1360
resistance zone. DOGE price is eyeing more gains above the $0.1350
resistance zone. The price is trading above the $0.1320 level and
the 100-hourly simple moving average. There is a key bearish trend
line forming with resistance at $0.1362 on the hourly chart of the
DOGE/USD pair (data source from Kraken). The price could continue
to move up if it clears the $0.1360 resistance zone. Dogecoin Price
Eyes Upside Break, Can It Follow Bitcoin’s Rise? After a short-term
pullback, Dogecoin price found support near the $0.1280 zone. A low
was formed at $0.1282 and DOGE price is now rising. There was a
move above the $0.130 resistance zone. The price surpassed the 50%
Fib retracement level of the downward move from the $0.1386 swing
high to the $0.1282 low. However, DOGE is well behind Bitcoin since
the latter was able to clear the $68,800 resistance zone. Dogecoin
is now trading above the $0.1320 level and the 100-hourly simple
moving average. Immediate resistance on the upside is near the
$0.1345 level. The next major resistance is near the $0.1360 level.
There is also a key bearish trend line forming with resistance at
$0.1362 on the hourly chart of the DOGE/USD pair. The trend line is
close to the 76.4% Fib retracement level of the downward move from
the $0.1386 swing high to the $0.1282 low. A close above the
$0.1360 resistance might send the price toward the $0.1420
resistance. Any more gains might send the price toward the $0.150
level. The next major stop for the bulls might be $0.1650. Are Dips
Limited In DOGE? If DOGE’s price fails to gain pace above the
$0.1360 level, it could start a downside correction. Initial
support on the downside is near the $0.1320 level. The next major
support is near the $0.1300 level. The main support sits at
$0.1280. If there is a downside break below the $0.1280 support,
the price could decline further. In the stated case, the price
might decline toward the $0.1145 level. Technical Indicators Hourly
MACD – The MACD for DOGE/USD is now gaining momentum in the bullish
zone. Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD
is now above the 50 level. Major Support Levels – $0.1320 and
$0.1280. Major Resistance Levels – $0.1360 and $0.1420.
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