Key Takeaways:
– DOGE finds support at $0.3050 and recoups some losses against the US Dollar.
– After starting a decent rise, the Dogecoin price could aim for gains beyond $0.350.
– With potential declines, the DOGE price could drop to the $0.3020 level, or even $0.300 in the short term.
Dogecoin’s Bullish Outlook
Recent trends show that the trade value of Dogecoin (DOGE), the popular ‘memecoin’, is inching its way upward. After finding substantial support at $0.3050, the coin managed to recover some of its recent losses against the US Dollar. Boasting a promising rise, Dogecoin might just break past the $0.350 mark.
Starting a solid increase, DOGE’s price has surged past the $0.315 and $0.320 levels. Currently, the cryptocurrency hovers near the $0.3320 mark, and its 100-hourly simple moving average is on the rise. This growth accompanies a break above a substantial bearish trend line, with resistance identified at $0.330. As a result, we might see another surge if DOGE surpasses the $0.340 and $0.3480 resistance levels.
The Fall and Rise of Dogecoin
DOGE experienced a slight decline, moving away from the $0.3850 resistance zone, a movement distinct from the likes of Bitcoin and Ethereum. Dipping below the $0.3500 and $0.3350 support levels, it even spiked below $0.320. However, a low formed at $0.3052, and the coin is now rising above the 50% Fibonacci retracement level. This marked a significant decrease from the $0.3599 swing high to the $0.3052 low.
Trading is now active above the $0.330 level, and the 100 hourly simple moving average. The immediate resistance sits in the proximity of $0.3390 and the 61.8% Fibonacci retracement level. This pertains to a downward trend from the $0.3599 swing high down to the $0.3052 low.
Reaching for the Moon
For Dogecoin bulls, the first significant resistance could be at $0.3480. Subsequent resistance is likely to occur close to the $0.3550 mark. If the closing price exceeds $0.3550 resistance, then DOGE could propel towards the $0.3660 resistance level.
Potential Downslide for DOGE
However, if DOGE fails to ascend beyond the $0.340 level, another decline may be on the horizon. Initial support for such a downturn would be around the $0.3250 level, followed by significant support near the $0.3150 level. The central support remains at $0.3150. If the price breaks through the $0.3150 support, it may instigate a further decrease. This could potentially lead to a price drop towards the $0.3020 level, or even down to $0.300.
Technical Highlights
Key indicators demonstrate a positive momentum for DOGE. The Moving Average Convergence Divergence (MACD) for DOGE/USD is strengthening within the bullish zone, signaling a robust upward trend. Alongside this, the Relative Strength Index (RSI) for DOGE/USD is above the 50 level, indicating a strong market for the crypto coin. Although challenges persist, DOGE’s prospects look promising as it enters into a potential bullish phase.