DOGE stabilizes support level, is it expected to hit new highs after accumulating momentum?
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The exchange rate of Dogecoin (DOGE) against the US dollar has returned to the support area of $0.30 and is currently consolidating. If it breaks through the resistance level of $0.3165, it may gain momentum for further gains. Pulling back from higher price levels, the price of Dogecoin once started to decline from above $0.3350, breaking through the support levels of $0.3250 and $0.320, and even fell below $0.3120.
The lowest point has been formed at $0.3081, and the price is currently consolidating and gradually recovering. The price has recovered above $0.3150 and tested the 23.6% Fibonacci retracement level from the high of $0.3427 to the low of $0.3081. Currently, the price of Dogecoin is still below $0.320 and the 100 hourly simple moving average. An immediate resistance on the upside is near $0.3165. Meanwhile, a bearish trend line has formed on the chart, suggesting that the area remains a strong resistance.
For the bulls, the first important resistance could be seen near $0.3250 or the 50% Fibonacci retracement level of the downward move from $0.3427 to $0.3081. The next key resistance for further gains is near $0.3295. If the price can break above $0.3295, it could push higher to $0.350, while the subsequent resistance could be near $0.3680. The stops for the bulls could be near $0.40.
However, downside risks remain if the DOGE price fails to break above $0.3165. An initial support is seen at $0.3120, while the subsequent support is near $0.3080. If it falls below $0.300, the price could move further down to $0.2850 or $0.2620.
Technical indicators:
MACD (Moving Average Convergence/Divergence): Currently losing momentum in the bearish zone. RSI (Relative Strength Index): Currently the RSI indicator is below 50, indicating heavy selling pressure.
Major Support Levels: $0.3080 and $0.3000
Major Resistance Levels: $0.3165 and $0.3250
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