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Jakarta, Pintu News – Dogecoin (DOGE) recently started a recovery wave from the $0.140 zone against the US Dollar. However, DOGE is now facing hurdles near $0.1450 and may struggle to continue rising.
Dogecoin (DOGE) started a recovery wave from the $0.1350 zone, similar to Bitcoin (BTC) and Ethereum (ETH). DOGE managed to break the $0.1380 and $0.140 resistance levels. There was a decent increase above the 23.6% Fib retracement level of the move down from the high of $0.1532 to the low of $0.1351.
However, it seems that the bears are still active near the $0.1440 and $0.1450 levels. Currently, the Dogecoin price is trading above the $0.1410 level and the 100-hourly simple moving average. There is also a bullish trend line formed with support at $0.1405 on the hourly chart of the DOGE/USD pair.
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In case of a recovery wave, the immediate resistance on the upside is near the $0.1450 level and the 50% Fib retracement level of the move down from the $0.1532 high to $0.1351 low. The first major resistance for the bulls may be near the $0.1490 level. The next big resistance is near the $0.1530 level.
A close above the $0.1530 resistance will probably push the price towards the $0.1620 resistance. Further gains would probably send the price towards the $0.170 level. The next big station for the bulls might be $0.1720.
If the price of DOGE fails to rise above the $0.1450 level, it is likely to continue moving down. Initial support on the downside is near the $0.140 level and the trend line. The next major support is near the $0.1380 level. The major support is at $0.1350. In case of a downward break of the $0.1350 support, the price could drop further. In that case, the price may slide towards the $0.1265 or even $0.1250 level in the near term.
With a strong hurdle ahead, Dogecoin market participants should be wary of a potential decline if the current resistance cannot be broken. Observation of technical indicators such as MACD and RSI will also provide further clues as to the likely direction of Dogecoin’s future price movements.
Also Read: Leading Investor Ditches Bitcoin in Favor of All-In on Ripple (XRP), Here’s Why!
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.
A1: Dogecoin (DOGE) is a cryptocurrency that was originally created as a joke but has evolved into a digital currency with wide usage.
A2: Dogecoin price faces strong resistance at the $0.1450 level, which prevents it from continuing its uptrend.
A3: If Dogecoin fails to break through this resistance, the price may continue to fall, with the next critical support at $0.1350.
A4: The technical indicators mentioned are MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index).
A5: If the $0.1530 resistance is successfully broken, Dogecoin price might reach the next target at $0.1620 and possibly rise further to $0.170.
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