Dogecoin Price (DOGE) Bounces to $0.125: Will This Rally Sustain?
Release: 2024/07/16 13:28 Reading: 468
Dogecoin Price Forecast: Eyes on Further Gains
Dogecoin (DOGE) has initiated a steady upward trend, surging past the $0.120 resistance level against the US Dollar. Currently, DOGE is consolidating and is poised to extend its rally beyond $0.1265.
Bullish Momentum
The DOGE/USD pair (Kraken) exhibits a bullish outlook, trading above $0.120 and the 100-hourly simple moving average. A crucial bullish trendline provides support at $0.1195 on the hourly chart.
Upon clearing the $0.1265 resistance zone, the price is likely to continue its upward trajectory.
Potential Gains
After establishing a base above $0.1050, Dogecoin has embarked on a significant upward move, surpassing resistance at $0.1150. The price has even ascended above $0.120 and the 100-hourly simple moving average.
Currently trading above $0.1220, DOGE is consolidating gains above the 23.6% Fibonacci retracement level of the upward move from $0.1167 to $0.1264.
Resistance and Support
Further resistance might be encountered near $0.1265. Breaking through this level could propel the price towards $0.1320 resistance. A close above $0.1320 may pave the way for a rally towards $0.1450 and potentially $0.150.
On the downside, if DOGE fails to maintain momentum above $0.1265, it may retrace towards $0.1240. Subsequent support is present at $0.1215 (50% Fibonacci retracement level) and $0.1195. A breach below $0.1195 could lead to a further decline towards $0.1140.
Technical Indicators
Hourly MACD: The MACD for DOGE/USD is exhibiting increasing momentum in the bullish zone.
Hourly RSI: The RSI for DOGE/USD is above the 50 level, indicating bullish sentiment.
Key Support and Resistance Levels
Support: $0.1215, $0.1195
Resistance: $0.1265, $0.1450
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