Dogecoin Price Holds Crucial Support But Can DOGE Clear This Hurdle?

2024-3-21 07:58

Dogecoin is recovering higher from $0.1220 against the US Dollar. DOGE must clear the $0.1650 resistance to start another increase toward $0.200.

DOGE declined heavily and tested the $0.1220 support against the US dollar. The price is trading below the $0.1650 level and the 100 simple moving average (4 hours). There was a break above a key bearish trend line with resistance at $0.1310 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could gain bullish momentum if it clears the $0.1600 and $0.1650 resistance levels. Dogecoin Price Recovers Over 15%

After a strong decline, Dogecoin price found support near the $0.1220 zone. A low was formed at $0.1228 and DOGE recently started a decent recovery wave, like Bitcoin and Ethereum.

There was a steady increase above the $0.1320 and $0.1350 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.1927 swing high to the $0.1228 low. There was also a break above a key bearish trend line with resistance at $0.1310 on the 4-hour chart of the DOGE/USD pair.

Dogecoin is still trading below the $0.160 level and the 100 simple moving average (4 hours). On the upside, the price is facing resistance near the $0.1580 level or the 50% Fib retracement level of the downward move from the $0.1927 swing high to the $0.1228 low.

Source: DOGEUSD on TradingView.com

The next major resistance is near the $0.1650 level. A close above the $0.1650 resistance might send the price toward the $0.1850 resistance. The next major resistance is near $0.200. Any more gains might send the price toward the $0.220 level.

Another Decline in DOGE?

If DOGE’s price fails to gain pace above the $0.160 level, it could start another decline. Initial support on the downside is near the $0.1450 level.

The next major support is near the $0.130 level. If there is a downside break below the $0.130 support, the price could decline further. In the stated case, the price might decline toward the $0.1150 level.

Technical Indicators

4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1450, $0.130 and $0.1150.

Major Resistance Levels – $0.1580, $0.160, and $0.1650.

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Dogecoin (DOGE) на Currencies.ru

$ 0.1428 (+1.54%)
Объем 24H $945.489m
Изменеия 24h: -4.77 %, 7d: -9.75 %
Cегодня L: $0.1404 - H: $0.1496
Капитализация $20.577b Rank 8
Цена в час новости $ 0.1529 (-6.61%)

doge clear 1220 dogecoin dollar against support

Источник: newsbtc.com

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