Dogecoin price forecast after reaching $0.162 amid market optimism

The price outlook for Dogecoin (Dogecoin-DOGE) looks positive, and it is currently trading at $0.161962 with a trading volume of $1.3 billion in the last 24 hours. It rose by 1.85% to rank eighth among the largest currencies with a market value of $23.35 billion, which shows the currency’s flexibility and strength in the volatile crypto market.

When we look at the 4-hour chart, we will notice that Dogecoin is currently hovering around the pivot point at $0.15. If the currency maintains its position above this point, it will face the nearest resistance level at $0.17, followed by additional levels at $0.19 and $0.21. These levels are considered crucial for Dogecoin, as exceeding them will confirm the continuation of upward momentum.

On the other hand, if Dogecoin falls below the $0.15 level, it will find support at successive levels at $0.14, $0.12, and perhaps even $0.10, indicating a reversal of the bullish trend. It is noteworthy that the relative strength index (RSI) currently indicates 71, which means that the currency is close to entering oversold areas, but it still has opportunities to rise before reaching critical levels.

In addition, the Exponential Moving Average (EMA-50) is at $0.14, i.e. it is located near the current price, which confirms the importance of the price pivot point at 0.15$

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