Dogecoin Price (DOGE) Bulls Target $0.15 Breakout: Can They Succeed?
Release: 2024/07/23 13:29 Reading: 353
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=631035
Dogecoin Rallies Above $0.1320, Eyes Further Gains
Dogecoin (DOGE) has initiated a steady ascent against the US dollar, surpassing the $0.1320 resistance level. Currently undergoing consolidation, DOGE indicates potential for extended gains above $0.150.
Price Action
DOGE's value is poised for further appreciation, targeting the $0.150 resistance. Trading above $0.1320 and the 100-hourly simple moving average, the price exhibits a bullish trend line with support at $0.1345 on the hourly chart. Continued upward momentum is anticipated if the $0.1420 resistance is breached.
Technical Analysis
In recent days, DOGE has exhibited a significant surge above $0.1150, clearing the $0.1250 resistance and establishing a positive momentum. The price has advanced beyond $0.1320 and the 100-hourly simple moving average, reaching a high of $0.1437 before consolidating gains.
After a brief dip below $0.140, DOGE has regained its footing, trading above $0.1320 and the 100-hourly simple moving average. A bullish trend line with support at $0.1345 adds to the positive sentiment.
Resistance and Support
If DOGE maintains its upward trajectory, it may encounter resistance near $0.1420 and further at $0.1450. A close above the $0.1450 level could propel the price towards $0.150, with potential extensions towards $0.1650 and $0.1720.
Conversely, a failure to gain momentum above $0.1420 could trigger a corrective phase, with initial support at $0.1365 and $0.1320. A sustained break below $0.1280 may lead to a further decline towards $0.1150.
Technical Indicators
Hourly MACD: The MACD indicator for DOGE/USD is gaining positive momentum.
Hourly RSI: The RSI for DOGE/USD is above the 50 level.
Support and Resistance Levels
Major Support: $0.1365, $0.1320
Major Resistance: $0.1420, $0.1500
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