🚨🚨 Dogecoin (DOGE) Price Analysis: Potential for Rebound 🚨🚨
Dogecoin has been in a decline against the U.S. Dollar, initially dropping from $0.180 and recently attempting to recover from lows around $0.1420. Here’s a closer look at the current technical landscape for DOGE and key levels to watch.
Key Price Levels and Trends
Current Position: After falling below the $0.180 mark, DOGE currently trades under $0.1650 and below the 100-hour SMA, signaling a short-term bearish trend.
Resistance Levels: Immediate resistance is at $0.1550, with a stronger resistance level at $0.1580. The DOGE/USD hourly chart also shows a negative trend line at $0.1580.
Potential for Price Increase
Dogecoin’s recent failure to hold above $0.180, similar to movements in Bitcoin and Ethereum, led to a decline below $0.1720 and $0.1650. However, bulls regained control above $0.150, recovering to surpass the 23.6% Fibonacci retracement level of the recent $0.1790 to $0.1422 decline.
Currently, DOGE faces resistance near $0.1550 and the 100-hour SMA, with a further significant resistance level at $0.1580. A close above $0.1580 could enable DOGE to test the $0.1600 level, with further advances possibly pushing the price toward $0.1650 or the 61.8% Fibonacci retracement level. Should this momentum continue, $0.1720 may become the next significant target for bulls.
Downside Risk
If DOGE fails to break through the $0.1550 resistance, it may face further declines. Immediate support is around $0.1480, with stronger support near $0.1420. The main support level lies at $0.1400, and a break below this level could trigger additional downside, potentially reaching $0.1320 or $0.1300.
Technical Indicators
MACD (Hourly): The DOGE/USD MACD is losing momentum in the negative zone.
RSI (Hourly): The Relative Strength Index is currently above 50, indicating a slight upward bias.
Key Support Levels: $0.1480, $0.1420
Major Resistance Levels: $0.1550, $0.1580
#Therapydogcoin #USElections2024Countdown #NovemberMarketAnalysis #OctoberCryptoFundingSurge
