Nov 4, 2024
6thTrade
Dogecoin recently experienced a pullback from the $0.180 level against the US Dollar but is now showing signs of recovery after testing support around $0.1420.
DOGE started a dip after hitting resistance near $0.180, moving below key levels like $0.1650 and the 100-hourly simple moving average. However, it found strong buying interest around $0.1420 and is now beginning to regain momentum. Currently, DOGE is attempting to push past resistance at $0.1550 and $0.1580, with a promising recovery underway. $DOGE
After this initial decline, buyers stepped in, helping DOGE move above the $0.150 mark. The price has now cleared the 23.6% Fib retracement level of the recent high of $0.1790 down to the $0.1422 low. While still trading below $0.1550 and the 100-hourly simple moving average, this upward movement signals a potential shift. Immediate resistance lies at $0.1550, with a more significant level at $0.1580, aligning with a bearish trend line on the hourly chart for the DOGE/USD pair.
Breaking past $0.1580 could spark a fresh rally for Dogecoin, potentially lifting it toward the $0.1600 mark and even higher to $0.1650, which matches the 61.8% Fib retracement level. A successful breakout could bring DOGE back near the previous high of $0.1720, giving bulls new targets.
On the other hand, if DOGE doesn’t manage to overcome the $0.1550 level, it might revisit lower supports, initially at $0.1480 and then near $0.1420. A solid foundation at $0.1400 provides additional confidence. Should a downside break occur, the price could target $0.1320 or even $0.1300 in the short term, but for now, the upward trend shows promising signs.
Technical Indicators
Hourly MACD – The MACD for DOGE/USD is indicating a reduction in bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is climbing and currently sits above 50, showing positive sentiment.
Key Levels
Support – $0.1480, $0.1420.
Resistance – $0.1550, $0.1580.
With continued positive momentum, Dogecoin could soon move into a stronger upward trajectory, creating potential buying opportunities.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.