Following a consolidation period above the $0.0550 mark, Dogecoin's value initiated a notable rise. It successfully surpassed the resistance levels at $0.0580 and $0.060.
Over the last two sessions, both Bitcoin and Ethereum displayed bullish movements, leading to a significant surge in DOGE's value. As a result, the price of DOGE surged above the 50% Fibonacci retracement level, which was based on the notable decline from the swing high of $0.0720 to the swing low of $0.0530.
Furthermore, on the 4-hour chart of the DOGE/USD pair, an important downtrend line with a resistance level around $0.0620 was surpassed, indicating a significant breakthrough. Currently, the pair is positioned beneath the $0.062 region as well as the 50-hourly simple moving average.
DOGE is encountering a hurdle around the $0.0655 level. If the price manages to close above this resistance, it could pave the way for a potential advance towards the $0.0685 resistance. Subsequently, the next significant resistance is anticipated around $0.0700, and further upward movement may propel the price towards the $0.0720 level.
If DOGE's price struggles to gain momentum above the $0.0650 level, it could initiate a new downward movement. The initial support on the downside is approximately at the $0.0625 level, followed by a more substantial support level near $0.060. A breach below the $0.0600 support could lead to further decline. Should this scenario unfold, the price might decrease towards the $0.0550 level.
According to Price Analysis, DOGE market capitalization is expected to be $9,011,103,112. The coin's 24-hour trading volume is around $286,532,002.
KEY LEVELS :
RESISTANCE LEVEL : $0.06600-$0.06900
SUPPORT LEVEL : $0.06200-$0.05900
A small Doji candlestick pattern has materialised on the weekly chart, suggesting a potential trend reversal. Furthermore, there is speculation regarding the possibility of DOGECOIN breaking its long-term descending trendline pattern. Additionally, there is curiosity surrounding whether DOGE will reach the $0.1000 mark in the upcoming months. Kindly provide your thoughts and opinions on this matter in the comment section 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.
