Dogecoin Price Holds Crucial Support But Can DOGE Clear This Hurdle?
March 21 2024 - 12:58AM
NEWSBTC
Dogecoin is recovering higher from $0.1220 against the US Dollar.
DOGE must clear the $0.1650 resistance to start another increase
toward $0.200. DOGE declined heavily and tested the $0.1220 support
against the US dollar. The price is trading below the $0.1650 level
and the 100 simple moving average (4 hours). There was a break
above a key bearish trend line with resistance at $0.1310 on the
4-hour chart of the DOGE/USD pair (data source from Kraken). The
price could gain bullish momentum if it clears the $0.1600 and
$0.1650 resistance levels. Dogecoin Price Recovers Over 15% After a
strong decline, Dogecoin price found support near the $0.1220 zone.
A low was formed at $0.1228 and DOGE recently started a decent
recovery wave, like Bitcoin and Ethereum. There was a steady
increase above the $0.1320 and $0.1350 resistance levels. The price
cleared the 23.6% Fib retracement level of the downward move from
the $0.1927 swing high to the $0.1228 low. There was also a break
above a key bearish trend line with resistance at $0.1310 on the
4-hour chart of the DOGE/USD pair. Dogecoin is still trading below
the $0.160 level and the 100 simple moving average (4 hours). On
the upside, the price is facing resistance near the $0.1580 level
or the 50% Fib retracement level of the downward move from the
$0.1927 swing high to the $0.1228 low. Source: DOGEUSD on
TradingView.com The next major resistance is near the $0.1650
level. A close above the $0.1650 resistance might send the price
toward the $0.1850 resistance. The next major resistance is near
$0.200. Any more gains might send the price toward the $0.220
level. Another Decline in DOGE? If DOGE’s price fails to gain pace
above the $0.160 level, it could start another decline. Initial
support on the downside is near the $0.1450 level. The next major
support is near the $0.130 level. If there is a downside break
below the $0.130 support, the price could decline further. In the
stated case, the price might decline toward the $0.1150 level.
Technical Indicators 4 Hours MACD – The MACD for DOGE/USD is now
gaining momentum in the bullish zone. 4 Hours RSI (Relative
Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.1450, $0.130 and $0.1150. Major
Resistance Levels – $0.1580, $0.160, and $0.1650.
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