Dogecoin experienced a correction in its gains, retracing to test the $0.150 level against the US Dollar. Currently, DOGE is consolidating and appears poised to initiate a new upward movement, potentially surpassing the $0.1520 mark.
Dogecoin Value Remains Stable
The price of Dogecoin encountered resistance close to $0.160 after rising steadily. Before DOGE, like Bitcoin and Ethereum, began a downward correction, a peak was achieved at $0.1594. The support zone of $0.1540 was broken.
At $0.1488, a low was established, and DOGE is currently stabilizing ahead of its next move. Dogecoin’s price is still above both the 100-hourly simple moving average and the $0.150 barrier. Additionally, a significant bullish trend line is emerging on the hourly chart of the DOGE/USD pair, with support located at $0.1485.
The upcoming significant resistance level stands around $0.1540 or the 50% Fibonacci retracement level, calculated from the downward movement starting from the $0.1594 swing high to the $0.1488 low. Should the price successfully close above the $0.1540 resistance, it could pave the way for a move towards the $0.160 resistance level. Further gains might propel the price towards the $0.1650 level. Subsequently, if bullish momentum persists, the next major target for the bulls could be around $0.1720.
Doge Losses Increasing?
DOGE’s price may begin a new slide if it is unable to rise beyond $0.1540. The trend line and the $0.150 level provide early downward support.
In the vicinity of $0.1445 is the next significant support. The price may drop further lower if there is a downward break below the $0.1445 support level. The price may drop to the $0.1350 mark in the example given.
May 2024, Cryptoniteuae
