Dogecoin Price (DOGE) Bulls Target $0.15 Breakout: Can They Succeed?
July 23 2024 - 1:28AM
NEWSBTC
Dogecoin started a steady increase above the $0.1320 resistance
zone against the US Dollar. DOGE is consolidating and might extend
its gains above $0.150. DOGE price is eyeing more gains above the
$0.150 resistance zone. The price is trading above the $0.1320
level and the 100-hourly simple moving average. There is a key
bullish trend line forming with support at $0.1345 on the hourly
chart of the DOGE/USD pair (data source from Kraken). The price
could continue to move up if it clears the $0.1420 resistance zone.
Dogecoin Price Regains Strength, More Upsides Ahead? In the past
few days, Dogecoin price saw a decent increase above the $0.1150
level. DOGE cleared the $0.1250 resistance to move into a positive
zone like Bitcoin and Ethereum. The price even climbed above the
$0.1320 level and the 100-hourly simple moving average. A high was
formed at $0.1437 and the price is now consolidating gains. There
was a minor decline below the $0.140 level. The price dipped below
the 23.6% Fib retracement level of the upward move from the $0.1260
swing low to the $0.1437 high. Dogecoin is now trading above the
$0.1320 level and the 100-hourly simple moving average. There is
also a key bullish trend line forming with support at $0.1345 on
the hourly chart of the DOGE/USD pair. The trend line is close to
the 50% Fib retracement level of the upward move from the $0.1260
swing low to the $0.1437 high. If there is a fresh increase, the
price might face resistance near the $0.1420 level. The next major
resistance is near the $0.1450 level. A close above the $0.1450
resistance might send the price toward the $0.150 resistance. Any
more gains might send the price toward the $0.1650 level. The next
major stop for the bulls might be $0.1720. Are Dips Supported In
DOGE? If DOGE’s price fails to gain pace above the $0.1420 level,
it could start a downside correction. Initial support on the
downside is near the $0.1365 level. The next major support is near
the $0.1320 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
$0.1150 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 – $0.1365 and $0.1320. Major
Resistance Levels – $0.1420 and $0.1500.
Dogecoin (COIN:DOGEUSD)
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