Dogecoin Price (DOGE) Eyes Impressive Gains: Will It Break Through?
Release: 2024/07/29 13:29 Reading: 616
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=631968
Dogecoin Price Analysis: Uptrend in Sight, Following Bitcoin's Lead
Dogecoin has witnessed a steady increase from the $0.1280 mark against the US Dollar. A breakout above the $0.1360 resistance zone could propel DOGE's momentum.
Current Market Position
DOGE price is poised for further gains, currently trading above the $0.1350 resistance and the 100-hourly simple moving average.
Resistance Levels
A crucial bearish trend line with resistance at $0.1362 is visible on the DOGE/USD hourly chart. Clearing this level could lead to continued upward momentum.
Target Levels
A breach of the $0.1360 resistance could open the path to $0.1420. Further gains could extend towards $0.150, potentially reaching a significant bull point at $0.1650.
Support Levels
Should DOGE fail to break above $0.1360, a downward correction is possible. Initial support is found at $0.1320, followed by $0.1300. Key support remains at $0.1280. A break below this level could trigger a decline to $0.1145.
Technical Indicators
- Hourly MACD: Momentum is shifting towards bullish territory.
- Hourly RSI: Crossed above the 50-level, indicating upward momentum.
Conclusion
If Dogecoin manages to overcome the $0.1360 resistance, it could follow Bitcoin's positive trend. However, failure to gain traction above this level may lead to a temporary correction. Key support levels to watch are $0.1320 and $0.1280, while potential target levels include $0.1420, $0.150, and $0.1650.
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