Dogecoin (DOGE) Bulls Aim to Clear $0.10: Will It Happen?
09 September 2024 - 2:58PM
NEWSBTC
Dogecoin started a recovery wave from the $0.0888 zone against the
US Dollar. DOGE is rising and might even clear the $0.100
resistance zone. DOGE price is aiming for a fresh increase above
$0.100. The price is trading above the $0.0950 level and the
100-hourly simple moving average. There was a break above a
connecting bearish trend line with resistance at $0.0955 on the
hourly chart of the DOGE/USD pair (data source from Kraken). The
price could gain bullish momentum if it clears the $0.0980 and
$0.100 levels. Dogecoin Price Eyes Sustained Gains After a major
decline, Dogecoin price found support near the $0.0888 zone. The
price formed a base and recently started a recovery wave like
Bitcoin and Ethereum. There was a move above the $0.0920 and
$0.0935 resistance levels. The price cleared the 50% Fib
retracement level of the downward move from the $0.0994 swing high
to the $0.0889 low. There was also a break above a connecting
bearish trend line with resistance at $0.0955 on the hourly chart
of the DOGE/USD pair. Dogecoin price is now trading above the
$0.0950 level and the 100-hourly simple moving average. Immediate
resistance on the upside is near the $0.0970 level or the 76.4% Fib
retracement level of the downward move from the $0.0994 swing high
to the $0.0889 low. The next major resistance is near the $0.0995
level. A close above the $0.0995 resistance might send the price
toward the $0.1050 resistance. Any more gains might send the price
toward the $0.1150 level. The next major stop for the bulls might
be $0.1200. Another Decline In DOGE? If DOGE’s price fails to climb
above the $0.0995 level, it could start another decline. Initial
support on the downside is near the $0.0938 level. The next major
support is near the $0.0900 level. The main support sits at
$0.0880. If there is a downside break below the $0.0880 support,
the price could decline further. In the stated case, the price
might decline toward the $0.0850 level or even $0.0835 in the near
term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is
now gaining momentum in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.0938 and $0.0900. Major Resistance Levels
– $0.0995 and $0.1050.
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