"A long-term trendline on the daily chart is currently providing significant resistance for Dogecoin.Bulls have been unable to break through this trendline after several attempts."
The recent drop in the value of Dogecoin can be attributed to a downward trendline. This trendline served as a significant barrier, allowing traders to sell during any upward movement, indicating a firmly established downward trend.
#DOGECOIN has recently seen a resurgence, resulting in a bullish breakout. This breakout has broken a long-standing resistance trendline, which is expected to alleviate the buying pressure that has been building up. This development is encouraging buyers to continue with the ongoing recovery phase.
Thus far, the price of Dogecoin has broken over the overhead resistance trendline, indicating an imminent trend reversal. This bullish breakout should give buyers with a strong base for a potential price rise. Dogecoin's current price is $0.075, representing a 1.20% intraday loss while trading above the 100 day moving average.
The #DOGE is now facing resistance at $0.0790. But, the first significant big obstacle is at $0.0830. If the price successfully breaks past this barrier, it has the potential to rise to $0.0900. If the price continues to rise, it may potentially hit $0.1000.
"If Dogecoin fails to gain momentum above the $0.0780 mark, it is likely to experience a significant decline. The initial level of support is estimated to be around $0.0720, followed by a more substantial support level at $0.0700. Should the price drop below this level, it could potentially plummet even further, possibly dipping below $0.0650."
KEY LEVELS :
RESISTANCE LEVEL : $0.07900-$0.08300
SUPPORT LEVEL : $0.07100-$0.06800
Dogecoin is currently trading within a narrow range and is facing a major resistance at various times. The question on everyone's mind is whether DOGE will be able to overcome this hurdle and skyrocket towards $0.1000. Is this a realistic forecast or just wishful thinking? We invite you to share your views in the comments section below.
Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.