Dogecoin’s Rally Ride: DOGE Hang On Tight or Prepare to Bark!
29 Maio 2024 - 11:28PM
NEWSBTC
Dogecoin corrected gains and tested the $0.1620 zone against the US
Dollar. DOGE is now forming a base and might start a fresh increase
above $0.1680. DOGE price declined and tested the key support at
$0.1620. The price is trading below the $0.1650 level and the
100-hourly simple moving average. There is a key bearish trend line
forming with resistance at $0.1685 on the hourly chart of the
DOGE/USD pair (data source from Kraken). The price must settle
above $0.170 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 $0.1750 zone. The recent swing high
was formed at $0.1705 before DOGE started a downside correction
like Bitcoin and Ethereum. There was a drop below the $0.1650
support zone. A low was formed at $0.1620 and DOGE is now
consolidating for the next move. Dogecoin is now trading below the
$0.1650 level and the 100-hourly simple moving average. On the
upside, the price is facing resistance near the $0.1664 level. It
is near the 50% Fib retracement level of the downward move from the
$0.1705 swing high to the $0.1620 low. The next major resistance is
near the $0.1685 level or the 76.4% Fib retracement level of the
downward move from the $0.1705 swing high to the $0.1620 low. There
is also a key bearish trend line forming with resistance at $0.1685
on the hourly chart of the DOGE/USD pair. A close above the $0.1685
resistance might send the price toward the $0.1725 resistance. Any
more gains might send the price toward the $0.1750 level. The next
major stop for the bulls might be $0.1800. More Losses In DOGE? If
DOGE’s price fails to gain pace above the $0.1685 level, it could
start another decline. Initial support on the downside is near the
$0.1620 level. The next major support is near the $0.1550 level. If
there is a downside break below the $0.1550 support, the price
could decline further. In the stated case, the price might decline
toward the $0.1520 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
below the 50 level. Major Support Levels – $0.1620, $0.1550 and
$0.1520. Major Resistance Levels – $0.1660, $0.1685, and $0.1720.
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