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DOGECOIN PRICE ANALYSIS CMP- $0.07170: Breaking Through Resistance Sparks Excitement for an Impending Rally"

Key Takeaways
  • On the daily chart, Dogecoin has been trading above the descending trendline
  • The daily chart indicates that the price of Dogecoin has established a double bottom pattern
  • However, on the daily chart, Dogecoin has also received support from the ascending trendline
31 May 2023 By: Lokesh Gupta

During a period of market volatility, the price of Dogecoin has been experiencing a horizontal movement, fluctuating between the $0.075 and $0.069 levels. Notably, on May 25th, the Dogecoin price witnessed a rebound from the nearby support zone around $0.069.

Dogecoin has shown a promising rise, starting from its support level of $0.0685 against the US Dollar. The potential for a rally exists if DOGE manages to surpass the resistance zone at $0.074.

Following a significant decline, Dogecoin's price discovered support around $0.0685. Subsequently, DOGE established a foundation and has recently experienced a notable increase, reminiscent of the upward movement observed in Bitcoin and Ethereum.

The $0.0720 resistance zone was convincingly breached, indicating a notable upward movement. The bulls managed to drive the price above the 50% Fibonacci retracement level, which measures the downward move from the swing high of $0.0755 to the low of $0.0686. Additionally, on the 4-hour chart of the DOGE/USD pair, the Dogecoin price is currently testing a significant bearish trend line with resistance around $0.0716.

Despite the upward momentum, the bears exerted pressure near the $0.074 resistance level. Dogecoin encountered rejection in close proximity to the 76.4% Fibonacci retracement level, which measures the downward movement from the swing high of $0.0755 to the low of $0.0684. Currently, Doge is trading below both the $0.0725 zone and the 100-hour simple moving average.

DOGE is encountering resistance around the $0.0722 level. The initial significant resistance is located near $0.0740. If the price manages to close above the $0.074 resistance, it could potentially move towards the resistance at $0.0775. The subsequent major resistance lies around the $0.0800 level. Further gains may propel the price towards the $0.0825 level.

If DOGE struggles to gather momentum above the $0.074 level, a continuation of the downward movement is possible. The initial support on the downside can be found near the $0.0710 level, followed by a significant support zone near $0.0700. If the $0.070 support is breached, it could lead to further decline. In such a scenario, the price may decline towards the $0.0685 level.

According to Price Analysis, this DOGE market capitalization is expected to be $9,999,350,225. The coin's 24-hour trading volume is around $240,819,943.


RESISTANCE LEVEL : $0.07400-$0.07600

SUPPORT LEVEL : $0.06900-$0.06500

Do you believe that Dogecoin will reach $0.080 amidst the development of the double bottom pattern? Please share your views in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.