Dogecoin Price Recovery May Stall: Resistance Levels to Watch
Release: 2024/07/08 13:29 Reading: 320
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=628322
Dogecoin Struggles to Surpass Resistance
Dogecoin has encountered difficulty breaking above the $0.1150 resistance zone against the US Dollar. The cryptocurrency is currently consolidating and may experience further losses below $0.100.
Resistance and Trend Line
Dogecoin's price is facing resistance at $0.1150. Additionally, it has fallen below $0.1080 and the 100-hourly simple moving average. On the hourly chart of the DOGE/USD pair, a short-term bearish trend line has formed, providing resistance at $0.1050.
Support and Momentum
To gain bullish momentum, Dogecoin's price must rise above $0.1080 and $0.1150. Support is currently located near the $0.100 zone.
Key Levels
If Dogecoin's price gains traction, it may encounter resistance at $0.1050, followed by $0.1080. A break above $0.1080 could potentially lead to gains towards $0.1150, $0.1250, and $0.1320.
If the price fails to gain momentum above $0.1150, it may continue to decline. Support exists at $0.100, $0.0950, and $0.0850. A break below $0.0920 could result in a further decline towards $0.0850.
Technical Indicators
- Hourly MACD: The MACD for DOGE/USD is exhibiting negative momentum.
- Hourly RSI (Relative Strength Index): The RSI for DOGE/USD has fallen below the 50 level.
Major Support and Resistance Levels
- Support: $0.100, $0.0950, $0.0850
- Resistance: $0.1050, $0.1080, $0.1150
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