Key Takeaways:
– Dogecoin saw a current market correction from the $0.180 zone against the US dollar.
– DOGE saw a new low when it tested $0.1420 but is now recovering losses.
– DOGE’s price fell from the $0.180 resistance level, showing a below-average trade at less than $0.1650.
– The price may increase if it surpasses the $0.1550 and $0.1580 levels of resistance.
Dogecoin’s Fluctuating Market Move
Dogecoin (DOGE) is known for its volatility in the cryptocurrency market. The crypto asset recently experienced a downside from the $0.180 zone against the US dollar. However, DOGE is showing signs of recovery after testing a low at $0.1420. While it dropped from the $0.180 resistance, it’s currently trading below the $0.1650 level, following a key bearish trend line formation.
Emergence of the Bulls
DOGE failed to stay clear of the $0.180 resistance, similar to Bitcoin and Ethereum, leading to a decline below the $0.1650 and $0.1720 support levels. Nonetheless, the bulls emerged as the price declined below $0.1550. A low was formed at $0.1422, and now DOGE is on the road to recovery. There was a surge over the $0.150 resistance zone. This upward move headed past the 23.6% Fib retracement level of the downward slide from the $0.1790 mark to the $0.1422 dip.
Potential Upside for DOGE Price
Despite the fresh decline, the Dogecoin price now trades below the $0.1550 level and the 100-hourly simple moving average. At present, the key resistance for upward movement is near the $0.1550 mark. Continued advancement could propel the price towards the $0.1600 or even the $0.1650 resistance level. This could lead to bulls reaching up to the $0.1720 mark.
Understanding the Downside
However, if DOGE fails to climb above the $0.1550 point, it may once again decline. The immediate support level on a downside would be near the $0.1480 level. If there’s a downward break below the core $0.1400 support level, the price could fall further, potentially reaching as low as $0.1300 in the near term.
Technical Checkpoints to Consider
The MACD (Moving Average Convergence Divergence) for DOGE is now slowing down in the bearish zone. The RSI (Relative Strength Index) for Dogecoin is slightly tilted towards the upside, currently above the gauge of 50. Significant support levels to monitor are $0.1480 and $0.1420 while resistance is likely to come in at around the $0.1550 and $0.1580 marks.
In conclusion, while DOGE’s recent losses are a setback, the cryptocurrency is showing promising signs of a market recovery. It’s crucial for investors and traders to keep an eye on these pivotal resistance and support levels in the coming days. The ongoing fluctuation of the currency, coupled with market indicators, show promise for those who stick it out through these volatility tides.