Dogecoin Price Prediction: Doge Near Key Juncture and 100 SMA Is The Key
10 Abril 2023 - 4:44AM
NEWSBTC
Dogecoin started a downside correction from the $0.1050 zone
against the US Dollar. DOGE is now holding major support at $0.080
and might start a fresh increase. DOGE started a downside
correction below the $0.090 support against the US dollar. The
price is trading above the $0.080 zone and the 100 simple moving
average (4 hours). There is a key bearish trend line forming with
resistance near $0.084 on the 4-hours chart of the DOGE/USD pair
(data source from Kraken). The pair could start a fresh increase if
there is a clear move above $0.0840. Dogecoin Price Revisits 100
SMA After a major rally, Dogecoin’s price struggled to clear the
$0.1050 resistance. DOGE started a major decline and traded below
the $0.0920 support, trimming gains versus Bitcoin and Ethereum.
There was a sharp decline below the $0.090 level and the price even
tested the $0.080 support. A low is formed near $0.0803 and the
price is now consolidating losses. It is trading above the $0.080
zone and the 100 simple moving average (4 hours). On the upside,
the price is facing resistance near the $0.0840 level. There is
also a key bearish trend line forming with resistance near $0.084
on the 4-hours chart of the DOGE/USD pair. The first major
resistance is near the $0.0862 level. It is near the 23.6% Fib
retracement level of the downward move from the $0.1051 swing high
to the $0.0803 low. A clear move above the $0.0862 resistance might
send the price toward the $0.090 resistance. Source: DOGEUSD on
TradingView.com The next major resistance is near $0.0920 or the
50% Fib retracement level of the downward move from the $0.1051
swing high to the $0.0803 low. Any more gains might send the price
toward the $0.095 level. A clear move above the $0.095 resistance
could open the gates for an increase toward the $0.105 level. More
Losses in DOGE? If DOGE’s price fails to gain pace above the
$0.0862 level, it could continue to move down. Initial support on
the downside is near the $0.080 level. The next major support is
near the $0.076 level. If there is a downside break below the
$0.076 support, the price could decline further. In the stated
case, the price might decline toward the $0.070 level. Technical
Indicators 4 Hours MACD – The MACD for DOGE/USD is now losing
momentum in the bearish zone. 4 Hours RSI (Relative Strength Index)
– The RSI for DOGE/USD is now below the 50 level. Major Support
Levels – $0.080, $0.076, and $0.070. Major Resistance Levels –
$0.0840, $0.0862, and $0.092.
Dogecoin (COIN:DOGEUSD)
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