Dogecoin (DOGE) Breaks Key Support, But Bulls Aren’t Backing Down
September 26 2024 - 2:00AM
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Dogecoin failed to surpass $0.1120 and corrected gains against the
US Dollar. DOGE bulls are active near $0.1080 and might push it
higher again. DOGE price is eyeing an upside break above $0.1120.
The price is trading above the $0.1080 level and the 100-hourly
simple moving average. There was a break below a key bullish trend
line with support at $0.1090 on the hourly chart of the DOGE/USD
pair (data source from Kraken). The price could start another
increase if it clears the $0.1100 and $0.1120 resistance levels.
Dogecoin Price Eyes Upside Break Dogecoin price extended its
increase above the $0.1100 resistance zone. It even spiked above
$0.1110 before the bears appeared. DOGE started a downside
correction from the $0.1111 high like Bitcoin and Ethereum. There
was a move below the $0.1100 and $0.1095 levels. The price dipped
below the 23.6% Fib retracement level of the upward move from the
$0.1037 swing low to the $0.1111 high. Besides, there was a break
below a key bullish trend line with support at $0.1090 on the
hourly chart of the DOGE/USD pair. However, the bulls were active
near $0.1075. They protected the 50% Fib retracement level of the
upward move from the $0.1037 swing low to the $0.1111 high.
Dogecoin price is now trading above the $0.1080 level and the
100-hourly simple moving average. Immediate resistance on the
upside is near the $0.1095 level. The next major resistance is near
the $0.1120 level. A close above the $0.1120 resistance might send
the price toward the $0.1132 resistance. Any more gains might send
the price toward the $0.1150 level. The next major stop for the
bulls might be $0.1200. More Losses In DOGE? If DOGE’s price fails
to climb above the $0.1095 level, it could start another decline.
Initial support on the downside is near the $0.1080 level. The next
major support is near the $0.1065 level. The main support sits at
$0.1050. If there is a downside break below the $0.1050 support,
the price could decline further. In the stated case, the price
might decline toward the $0.1000 level or even $0.0950 in the near
term. Technical Indicators Hourly MACD – The MACD for DOGE/USD is
now losing momentum in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.1065 and $0.1050. Major Resistance Levels
– $0.1095 and $0.1120.
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