🚀🚀🚀 #Dogecoin Holds Strong Support: $DOGE Primed for a Major Move Higher!
Dogecoin is gaining momentum above the $0.160 resistance level against the US Dollar, with DOGE holding its gains & potentially aiming for a move above $0.1650.
DOGE Price Trends Upwards
- Dogecoin is rising steadily above the $0.160 resistance zone.
The price is trading above $0.160 & the 100-hourly simple moving average.
- A key bullish trend line is forming with support near $0.160 on the hourly chart of the DOGE/USD pair (data source from Kraken).
- The price needs to settle above $0.1650 to gain bullish momentum & move higher.
Dogecoin Price Holds Support
- In recent sessions, Dogecoin's price began a steady rise above the $0.1500 zone, similar to #bitcoin & #Ethereum . DOGE bulls managed to push the price past the $0.160 resistance zone.
- The recent high was around $0.1646 before a downside correction started. There was a dip below the $0.1620 support zone, briefly touching the 23.6% Fib retracement level of the upward move from the $0.1571 low to the $0.1646 high.
- Dogecoin is trading above $0.160 and the 100-hourly SMA, with a bullish trend line forming near $0.160 support. It faces resistance at $0.1640 and $0.1650; breaking $0.1650 could push the price to $0.1720, $0.1750, and potentially $0.1800.
Potential Downside Correction
- If DOGE fails to surpass the $0.1650 level, it may start another decline. Initial support on the downside is near the $0.160 level & the trend line, close to the 50% Fib retracement level of the upward move from the $0.1571 low to the $0.1646 high.
- The next major support is near $0.1580. A break below this support could lead to further declines, potentially bringing the price down to around $0.1520.
Technical Indicators
- Hourly MACD: The MACD for DOGE/USD is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for DOGE/USD is above the 50 level.
- Major Support Levels: $0.1620, $0.1600, $0.1580
- Major Resistance Levels: $0.1640, $0.1650, $0.1720
Source - newsbtc.com
