Dogecoin Sees Fresh Gains: Can It Break Through Key Resistance Levels?
If you’ve been keeping an eye on the cryptocurrency market, you might have noticed Dogecoin (DOGE) making some significant moves lately. After a brief dip, DOGE has started a fresh increase, breaking through the $0.350 zone against the US Dollar. But what’s driving this surge, and can it sustain its momentum?
A Closer Look at DOGE’s Price Movement
DOGE’s price has been on the rise, surpassing key resistance levels at $0.350 and $0.3650. It’s currently trading above the $0.370 level and the 100-hourly simple moving average. A break above a connecting bearish trend line with resistance at $0.3825 on the hourly chart of the DOGE/USD pair suggests that the cryptocurrency might be gaining traction.
Key Resistance Levels to Watch
For DOGE to continue its upward trend, it needs to clear the $0.3880 and $0.3920 resistance levels. If it succeeds, the next major resistance could be near the $0.40 level, followed by $0.420 and $0.4380. A close above the $0.40 resistance might send the price soaring toward these higher levels.
Support Levels to Keep in Mind
On the other hand, if DOGE’s price fails to climb above the $0.3880 level, it could start another decline. Initial support on the downside is near the $0.380 level, followed by $0.3750 and $0.3650. If there’s a downside break below the $0.3650 support, the price could decline further, potentially reaching $0.350 or even $0.3420 in the near term.
Technical Indicators: What Do They Say?
The hourly MACD for DOGE/USD is losing momentum in the bearish zone, while the hourly RSI is above the 50 level. These technical indicators suggest that DOGE’s price might be due for a correction, but the overall trend remains bullish.
What’s Next for Dogecoin?
As DOGE continues to consolidate, it’s essential to keep an eye on its price movement. If it can break through the key resistance levels, we might see a significant surge in its value. However, if it fails to do so, another decline could be on the horizon. One thing’s for sure – the cryptocurrency market is always full of surprises, and DOGE is no exception.
What do you think is in store for Dogecoin? Will it break through the resistance levels and reach new heights, or will it experience another decline? Share your thoughts in the comments below!
Source: Newsbtc.com
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