š„š„š„ #Dogecoinā¬ā© Now Targeting $0.17 After Retesting at $0.11786
- Despite the recent setback in the crypto market, bullish sentiment from the past few weeks has kept #Memecoinsš¤š¤ and altcoins on an upward trajectory. Dogecoin, the largest meme coin by market cap, currently stands at $17.30 billion, trading at $0.1184.
- Over the past seven days, Dogecoin has gained 9.01%, with a weekly increase of 16.95% by Sunday. As volatility surged, Dogecoin is now priced at $0.11836, prompting speculation on whether this could lead to a continued uptrend toward $0.17.
Dogecoin Falls Under 200-day EMA
- On the daily chart, Dogecoin shows signs of a falling wedge breakout, gaining momentum and reclaiming the key $0.10 psychological level. The coin peaked at $0.13 before retracing to test the 100-day EMA.
- Currently, Dogecoin is trading between its 100-day and 200-day EMAs, with bullish signals from the 50-day EMA. Following an intraday gain of 3.62% after an 8.14% drop on Monday, the coin is hinting at a post-retest reversal from the $0.11786 horizontal level.
- Dogecoin is forming a bullish pattern with key resistance at $0.14026, $0.17394, and $0.22008. Despite a potential MACD bearish crossover, the recent recovery indicates the bullish trend may continue, sustaining positive momentum.
Short-term Bullishness for Long-term Gains?
- In the 4-hour chart, Mondayās pullback saw Dogecoin fall below the 61.80% Fibonacci level at $0.11807 and break beneath the 50-day EMA, while finding support at the 100-day EMA.
- The moving averages on the 4-hour chart remain positive, signaling short-term bullish potential. A rounding-bottom reversal may be in progress, with the potential to reach $0.1387 or the 100% Fibonacci level.
- Dogecoin has retraced to the 50% EMA at $0.1168 after struggling above the 78.6% Fibonacci level. A breakout could target $0.17226 (1.618% Fibonacci extension). Key support levels are $0.1168 (50% Fibonacci) and $0.10528 (38.2% Fibonacci).
Source - thecryptobasic.com
