Dogecoin’s Battle with Resistance Levels: Insights and Analysis
Dogecoin is experiencing a volatile period in its value against the dollar. The cryptocurrency has managed to rise above the $0.150 resistance area and is currently trying to overcome a resistance zone at $0.170. However, it has not yet succeeded in doing so.
Dogecoin Makes a Remarkable Attempt to Recover
The DOGE/USD pair’s 4-hour chart shows a significant downtrend line set by the $0.170 resistance. Overcoming this resistance is essential for the cryptocurrency to enter a positive area and begin a new fluctuation.
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Although DOGE is trading above the 100 simple moving average and has experienced a recovery wave from the $0.1280 support level, it is still under the influence of bears. The cryptocurrency has managed to rise above the resistance levels of $0.1350 and $0.140, but it is currently trading below the $0.1650 level and the 100 simple moving average.
If Dogecoin (DOGE) Rise Fails
If DOGE’s price fails to stabilize above the $0.170 level, the next step could be a downward decline. The first support level downward is around $0.1525, followed by another support level at $0.1475. If the critical support level of $0.1475 experiences a downward break, the price could fall further, potentially retreating to the $0.1280 levels.
Read Also: Whale Accumulation Sparks Dogecoin Speculation Despite Price Slump
Technical Indicators Show Soaring Momentum
On the other hand, DOGE/USD pair’s 4-hour MACD is gaining momentum in the bullish zone, indicating a possible price rise. Similarly, the 4-hour RSI for the DOGE/USD pair is also trending above the 50 level, indicating a potential upward trend in price.
DOGE has set support levels at $0.1525, $0.1475, and $0.1280, while resistance levels are observed at $0.1690, $0.1700, and $0.200.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
