As of now, the price of Dogecoin is seeing a rise above the $0.160 resistance zone against the US Dollar. It is trading above the $0.160 level and the 100-hourly simple moving average. There is also a key bullish trend line forming with support near $0.160 on the hourly chart of the DOGE/USD pair.
If Dogecoin manages to settle above $0.1650, we might see a bullish momentum pushing the price even higher to potentially surpass the $0.1720 resistance level. Further gains could even see the price reaching $0.1750 and eventually hitting $0.1800.
However, if the price fails to gain pace above $0.1650, we might witness a downside correction. Initial support is expected near the $0.160 level and the trend line, followed by the $0.1580 level. A break below $0.1580 could lead to further declines with a possible target at $0.1520.
The hourly MACD for DOGE/USD is currently losing momentum in the bullish zone, indicating a potential shift in price movement. On the other hand, the hourly RSI is above the 50 level, suggesting a slightly positive sentiment among traders.
Major support levels to watch out for include $0.1620, $0.1600, and $0.1580. On the upside, key resistance levels are at $0.1640, $0.1650, and $0.1720.
The future price movement of Dogecoin is dependent on its ability to break above the $0.1650 resistance level. Bulls are currently in control, but any failure to sustain momentum could lead to a downside correction. Traders should keep a close eye on the key support and resistance levels to make informed decisions in the coming sessions.
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